The New Zealand government plans to prohibit ATMs as part of a review of their money laundering and counteract terrorism financing (AML/CFT) regime.
The Government wants to point to the media that criminals use to “turn effective into high -risk assets such as cryptocurrencies,” according to an announcement by the associated justice minister, Nicole McKee, Wednesday.
McKee also proposed to establish an upper limit of $ 5,000 in New Zealand ($ 3,000) For international cash transfers to make criminals more difficult to move their funds on the high seas.
The cabinet has introduced a bill to strengthen the powers of application of the police and allow regulators to “take energetic measures” in those involved in money laundering, he added.
“The new approach will offer more clarity and consistency for companies while maintaining a strong focus on preventing misuse of the financial system,” McKee said in Wednesday’s announcement.
Crypto Atms allow users to buy cryptocurrencies by inserting cash or a bank card and with cryptography delivered to a wallet of their choice. However, they are somewhat mature for criminal activity. The scammers can, for example, announce products for online sale, direct your buyer to deposit funds to a specific wallet and then disappear.
As such, they have been subject to severe regulatory supervision in several countries, such as neighboring Australia in New Zealand.
There are about 38,505 cryptographic automatic ATMs installed worldwide, according to COIN ATM RADAR, of which more than 30,000 are in the United States
New Zealand has 221, according to the same place.
Read more: Australia takes energetic measures against ATM crypto suppliers while scammers point to the elderly
