Article

ASIA: Japan Post Bank to cap int'l transfers to counter money laundering.


Added on 25/06/2019

As published on japantoday.com, Sunday 23th June, 2019.

 

Japan Post Bank Co plans to set a limit on over-the-counter international cash transfers of 5 million yen to combat money laundering, sources close to the matter say.

Japan Post Bank with around 120 million account holders, the most among domestic banks, currently has no limit on overseas remittances and is seeking to address concerns that such transfers could be used for illicit activities, including terrorist financing, the sources said.

The move by the state-backed bank comes as Japan faces an assessment this fall by the Financial Action Task Force, an international standard-setting body that promotes steps to combat money laundering and terrorist financing.

The FATF singled out Japan as not having sufficient measures to fight money laundering.

Japan Post Bank would join other major banks -- Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corp. in stepping up anti-money laundering measures.

The three banks implemented stricter ID checks on holders of savings accounts from June 10, including verifying the purpose for opening or holding an account. Regional banks plan to take similar measures.