New Zealand has announced a ban on Cryptocurrency ATMs and announced a cap on international cash transfer, saying that the moves say that they are part of a comprehensive effort to disrupt money laundering and organize financial offense.
In a Wednesday AnnouncementAssociate Justice Minister Nicole McCaki unveiled measures as part of the government’s anti-laundering overhaul and focusing the financing of terrorism (AML/CFT) rule.
The improvement package involves banning the completely crypto ATM and launching a limit of $ 5,000 on international cash transfer. Officials say both measures are designed to block the path used by criminals to transfer illegal funds.
“We will also make the criminals more difficult for criminals to change cash into high -risk assets such as cryptocurrency by banning the crypto ATM,” McKi said in a statement. “This government is serious about targeting criminals, not binding legitimate businesses in unnecessary red tapes.”
Connected: The number of Crypto ATMs is installed near all time records
New Zealand to promote financial monitoring
Financial Intelligence Unit (FIU) will also be provided new powers to demand information from banks and other reporting institutions to demand information from other reporting institutions about the flags for suspicious activity.
Two AML reform bills are already in Parliament, expected to be passed before the end of the year. “These will overcome some of the most cumbersome compliance requirements, providing practical relief to businesses by the end of the year,” McCaki said.
The government said that ease in compliance with businesses following laws does not mean reducing standards. “It’s not about leaving the standards, it’s about implementing them sensibly,” McCaki said.
April 1 as Report By the New Zealand’s Ministerial Advisory Group on a transnational, serious and organized crime, criminals have rapidly trusted the Crypto ATMs to quickly convert cash into crypto and send abroad for drug payments or fraud -related transactions.
Coin ATM radar data shows that more than 220 crypto kiosks are currently running across the country.
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Global crack at Crypto ATM
New Zealand’s crack at Crypto ATM follows a global tendency of investigation around these machines.
Last month, Australia’s Financial Intelligence Agency, Austrack introduced new rules for Crypto ATM operators, including 5,000 Australian dollars ($ 3,250) cap on cash deposits and withdrawal, which include strict monitoring, strict monitoring and increased customer checks between the growing scam reports.
Meanwhile, Spochen, Washington has announced a complete ban on Crypto ATMs. The Spochen City Council will remove the existing kiosk and block new people, which cite their use by fraudsters to target weak inhabitants, especially in the neighborhood with low -income.
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