July 11, 2017
Japan’s Financial Services Agency is surveying the measures banks take to prevent money laundering, aiming to better tackle a growing problem among regional institutions unaccustomed to dealing with foreign transactions.
The survey covers the country’s 106 regional banks and more than 400 other institutions such as shinkin banks — credit associations serving small and midsize businesses — and credit unions. The watchdog is examining what steps banks take to prevent money laundering and whether these policies have been adopted by individual branches, as well as management’s understanding of related risks. The agency plans to report the results as early as this year.