New Zealand Bans Crypto ATMs in Crackdown on Money Laundering

Reading Time: < 1 minute

New Zealand will ban cryptocurrency ATMs as part of a broader push to strengthen anti-money laundering (AML) and counter-terrorist financing (CFT) measures.

Associate Justice Minister Nicole McKee stated that global financial regulations have evolved since 2019, requiring a “smarter, more agile” system to disrupt criminal money flows. Police identified 157 crypto ATMs in the country, calling them a key tool for drug dealers to launder money.

Additionally, New Zealand will impose a $5,000 cap on international transfers to prevent offshore fund movement. The government also plans to introduce new legislation granting police and regulators stronger enforcement powers.