New Zealand bans crypto ATMs in crackdown on criminal cash conversions

New Zealand bans crypto ATMs and sets a $5,000 cap on overseas cash transfers in a major step to combat money laundering and financial crime.

New Zealand has announced a ban on cryptocurrency ATMs and a cap on international cash transfers, moves officials say are part of a broader effort to disrupt money laundering and organized financial crime.

In a Wednesday announcement, Associate Justice Minister Nicole McKee unveiled the measures as part of the government’s overhaul of its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.

The reform package includes banning crypto ATMs entirely and introducing a $5,000 limit on international cash transfers. Officials say both measures are designed to block avenues used by criminals to move illicit funds.

“We will also make it more difficult for criminals to convert cash to high-risk assets such as cryptocurrencies by banning crypto ATMs,” McKee said in a statement. “This Government is serious about targeting criminals, not tying up legitimate businesses in unnecessary red tape.”