New Zealand Bans Crypto ATMs, Sets $5K Cap on Transfers in Major AML Crackdown
Main Idea
New Zealand has banned cryptocurrency ATMs and imposed a $5,000 cap on international cash transfers as part of stricter Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures.
Key Points
1. New Zealand's ban on crypto ATMs and $5,000 cap on international cash transfers aim to combat money laundering and terrorist financing.
2. Crypto ATMs were identified by New Zealand police as a major tool for drug money laundering.
3. The measures are part of an overhaul of the country’s AML/CFT regime to target criminals more effectively.
4. Similar crackdowns on crypto ATMs have occurred in other countries, such as Australia and the US, due to their misuse in scams.
5. The Financial Intelligence Unit in New Zealand will receive enhanced oversight powers to enforce financial sanctions and AML compliance.
Description
New Zealand has unveiled a sweeping set of reforms aimed at tightening its grip on financial crime, including a nationwide ban on cryptocurrency ATMs and a $5,000 cap on international cash transfers. Key Takeaways: New Zealand has banned crypto ATMs and capped international transfers at $5,000. Police say crypto ATMs are being used to launder drug money through untraceable transactions. The reforms also expand law enforcement powers and aim to reduce red tape for low-risk users. Announced on Wed...
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