Tuesday, August 16, 2022

Japan AML measures under scrutiny


The intergovernmental Financial Action Task Force (FATF) began an in-depth survey of Japan’s anti-money laundering policies this week, examining government ministries, private banks, and cryptocurrency exchanges.

The last such survey took place eleven years ago, in 2008, and the FATF inspectors at that time found Japanese policies to be wanting, especially in regard to customer identification.

Recently, the Financial Services Agency has been stepping up its own oversight of the nation’s proliferating cryptocurrency exchanges, some of which have been hit by theft and accusations of insufficient online security. These are newer concerns that FATF inspectors did not have to address back in 2008.

Fears about an increase in money laundering have been a significant part of the debate about the establishment of IRs in the mid-2020s.

 

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