New Zealand Disconnected new steps on Wednesday to strengthen efforts to fight serious financial crime, including a ban on digital currency residents and new powers for financial crime police.
In a July 9 press releaseNew Zealand’s associated Justice Minister Nicole McKee said that the measures were part of a broader reinforcement of the country’s anti-money washing and counteracted the financing of terrorism (AML/CFT).
“Since 2019, the global financial and regulatory landscape has changed significantly,” McKee said. “We need a smarter, more flexible AML/CFT system – one aimed at criminals ability to wash money, while also enables New Zealand companies to function efficiently and competitively.”
She added that the government was serious when it comes to “targeting criminals and not binding legitimate companies in unnecessary bureaucracy.”
One of the most important areas identified was the digital asset space, especially Digital Valutt Value.
New Zealand prohibits crypto -ATMs
In April reported About 200 ATM currency in New Zealand, usually located in small supermarkets, convenience stores, vape stores, gas stations and washing tomatoes.
According to the report, “Criminals can use these ATMs to buy Cryptocurrency and transfer the Cryptocurrency within minutes to offshore criminals to finance drug imports or to make payments in connection with fraud.”
It was also noted – by comparing how other jurisdictions handle the issue – the digital currency ATMS was made illegally in the UK 2022. However, this is not entirely correct.
In the UK offers ATMs Digital currency exchange services must be registered With the Financial Conduct Authority (FCA), the country’s top financing regulator and meets UK money laundering rules (MLR). None of the digital asset companies registered with FCA has been approved to offer ATM services for digital currency, which means that all digital currency in the UK makes it illegal.
It is unclear how many Digital access Companies have applied for FCA for ATM services for digital currency, but the agency’s refusal – so far – to approve something effective amounts to a ban, in all except names.
Whether they see themselves as follows in Britain’s footsteps or not, New Zealand has now gone a step further and explicitly announces a direct ban.
On Wednesday is associated Justice Minister McKee mentioned The country would make it “more difficult for criminals to convert cash into high-risk assets such as cryptocurrencies by banning crypto-ATMs.”
But this was just one of several new anti -to -man crime measures was announced.
Broader financial crime
At the top of the digital currency -atm ban, McKee also revealed that the government has agreed to introduce a bill to strengthen enforcement powers for police and supervisory authorities, “to defeat those involved in money laundering.”
The bill will, among other things, set up a new financial sanction regime and set an upper limit on how much cash can be transferred internationally – $ 5,000 per transfer. According to McKee, the latter mandate aims to “reduce the criminal organization’s ability to move its funds offshore.”
In addition, the bill will enable New Zealand’s financial intelligence unit (FIU) to order banks and other companies that are subject to AML/CFT rules to provide ongoing relevant information about interest.
“This will enable the more effective development of the financial intelligence required to get the criminals right,” said the associated Minister of Justice.
Despite this, seemingly tightening of the controls, McKee emphasized that the various measures aim to make life more difficult for money launders, not legitimate companies.
“We want New Zealand to be one of the simplest places in the world to do legitimate business and one of the most difficult for criminals to hide,” McKee said. “By cutting unnecessary bureaucracy, we give honest companies room to grow, while we tighten our focus on serious threats.”
Digital Valutt Value Not on Fashion
New Zealand’s full ban on crypto ATMs and the UK’s de facto ban are symptomatic for a general increase in unwanted attention from late, from global legislators and enforcement agencies, in Growing sector.
Earlier in the year, New Zealand’s Antipodeian neighbor, Australia, also decided to beat down at Digital Currency.
In April, Australia’s Financial Crimes Watchdog Set you digital currency ATM operators Over a lack of AML/CFT checks. Australian Transaction Reports and Analysis Center (Austrac), the country’s financial intelligence agency, Issued The warning in the midst of an increase in the ATM use of digital currency in the country, as it said has provided fertile grounds for fraudsters and other criminals.
An investigation into an Austrac Task Force, established in September 2024 to investigate whether Krypto ATMs had the right AML/CFT checks in place, investigated data from nine suppliers of digital currency ATM for several months and concluded that it carries the characteristics for fraud, fraud and other illegal activity. It also found that most users were over 50 and accounted for almost 72% of all transactions by value.
This investigation was followed in June by Austrac, which rolled out new operating rules and transaction limits for ATM operators for digital currency. The office announced It introduced an AUD5,000 ($ 3,250) limit for cash deposits and withdrawals from digital currency, as well as fraud warning signsMore robust transaction monitoring and improved customer’s due diligence obligations.
On the same day, Austrac announced its new ATM measures for digital currency, the Australian Federal Police (AFP) revealed that the country’s online cyber reporting system, reportcyber, had received 150 unique reports of fraud involved crypto -ATMs between January 2024 and January 2025. AFP said that total losses exceed 33.1 million August.
These types of condemnation statistics are not unique to Australia. In the United States, where Data from coins ATM -Radar If the number of digital currencies sets over 30,000 across the country, the Federal Trade Commission (FTC) reported that losses from US consumers from ATM fraud for digital currency increased almost 10 times between 2020 and 2023 – from $ 12 million to $ 114 million.
For this reason, in February, Senator Dick Durbin (D-il), ranking member of the Senate Court Committee, introduced Crypto ATM -fraud prevention law, “to prevent fraudsters from stealing Americans’ savings through Cryptocurrency systems.”
The bill would, among other things, require digital currency residents to carry warnings about the risk of fraud; Prevent new users from spending more than $ 2,000 daily or $ 10,000 over a 14-day period on crypto-ATMs; requires live, oral confirmation for all transactions greater than $ 500; And enable full refund when users submit police reports and warning operators within 30 days of their transactions.
Durbin’s Bill remains in the committee stage In the Senate, and without any Republican fellow sponsors, it seems unlikely that it will make it law, but it shows a determination from some US legislators to handle the controversial ATM sector for digital currency.
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