New Zealand Bans Crypto ATMs: Criminals Beware!

Oh, what a surprise! New Zealand, in its eternal quest to outsmart the criminal masterminds of the world, has announced it will ban cryptocurrency ATMs. Apparently, the officials think this is the ultimate strategy to stop money laundering and organized financial crime, because who needs crypto when you can use good old-fashioned cash, right? 🙄

In a spectacle of governmental efficiency, Associate Justice Minister Nicole McKee revealed the shocking move on Wednesday. The ban on crypto ATMs comes hand-in-hand with a sparkling new cap on international cash transfers. It seems the Kiwi government has decided to overhaul its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime with all the flair of a well-meaning bureaucrat. 🧐

The plan includes the total elimination of crypto ATMs and the introduction of a modest $5,000 cap on international cash transfers. Apparently, this will stop those pesky criminals from moving illicit funds. Who knew? If it works on criminals, surely it’ll work on every single citizen too! 💡

“We will also make it more difficult for criminals to convert cash to high-risk assets such as cryptocurrencies by banning crypto ATMs,” said McKee, her voice surely echoing across the land in a wave of decisive action. “This Government is serious about targeting criminals, not tying up legitimate businesses in unnecessary red tape.” Red tape? Why do we even need businesses when you can just stop crime with an ATM ban? 🤷‍♀️

New Zealand to Boost Financial Surveillance

The Financial Intelligence Unit (FIU) will now have powers that would make even the most persistent snoop jealous, demanding ongoing reports from banks and other reporting entities about individuals flagged for suspicious activity. Everyone loves a good surveillance system, right? If not, don’t worry, there’s more! 😎

Two AML reform bills are already strolling through parliament, looking to pass before the year ends. These bills will supposedly make life easier for businesses by removing some of the most burdensome compliance requirements. But don’t get too comfortable—this doesn’t mean they’ll lower standards. Oh no, that would be too simple! The government insists it’s all about “applying standards intelligently.” What a concept! 💼

In a report that reads like a crime thriller, New Zealand’s Ministerial Advisory Group on Transnational, Serious and Organised Crime detailed how criminals have increasingly relied on crypto ATMs to quickly convert their dirty cash into shiny new crypto coins and send them abroad for, well, let’s call it “questionable activities.” 🤫

According to Coin ATM Radar, there are currently over 220 crypto kiosks dotting the country like rogue vending machines, ready to serve anyone looking to make a shady transaction. It’s almost like a digital crime carnival! 🎪

Global Crackdown on Crypto ATMs

But wait, New Zealand isn’t alone in this crusade against crypto ATMs. Oh no, it’s part of a global crackdown! Australia’s financial intelligence agency, AUSTRAC, recently rolled out new rules for crypto ATM operators. Among these delightful new rules: a 5,000 Australian dollar ($3,250) cap on cash deposits and withdrawals. What a sensible way to deal with scammers, right? Because nothing says “anti-fraud” like placing limits on your customers’ withdrawals. 🇦🇺

Meanwhile, the City of Spokane, Washington, has taken it a step further by banning crypto ATMs altogether. It seems they’re more than happy to remove the kiosks and prevent new ones from popping up. Why? Because these machines were apparently a favorite tool of fraudsters targeting vulnerable residents in low-income neighborhoods. What a revelation! Who would have thought these kiosks were being used for something other than buying the occasional Bitcoin? 🤔

2025-07-09 10:48

New Zealand to Boost Financial Surveillance

Global Crackdown on Crypto ATMs

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