Japan

6. Money laundering

Partial amendments to the Law on Customer Identification by Financial Institutions (the Customer Identification Law) came into effect on 4 January 2007. The ceiling for the amount of cash that can be transferred into an account using an ATM was lowered to JPY100,000, and those wishing to transfer more than this amount are now obliged to show bank staff documents proving their identity. Furthermore, the Law for Prevention of Transfer of Criminal Proceeds, the objective of which is the domestic implementation of the FATF’s 40 Recommendations, came into effect on 1 April 2007.


Advert

Article Search

Red Law

© 2012 Society of Trust & Estate Practitioners