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Japan Intensifies Anti-Money Laundering Efforts After FATF Review

Tokyo, Japan - Following the Financial Action Task Force’s (FATF) Fourth Round Mutual Evaluation Report on August 30, Japan has taken a significant step forward in strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Enhanced Supervision and Risk Assessments

According to sources, Japan will reinforce AML/CFT/CPF measures by financial institutions (FIs) and virtual currency exchange providers (VCEPs). Specifically:

• FIs and VCEPs will be expected to strengthen their understanding of risks and conduct appropriate risk assessments by autumn 2022.
• Enhanced supervision through on-site inspections will be implemented.

New Targets for Implementing Ongoing Customer Due Diligence

The Financial Services Agency (JFSA) has set targets for implementing ongoing customer due diligence by FIs and VCEPs by spring 2024. Additionally, a new shared IT platform for transaction screening and monitoring will be operationalized by the same timeframe.

Revisions to Guidelines and FAQs

In response to FATF’s review, JFSA has revised its “Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism” in February, July, and November 2021. Furthermore, FAQs on the guidelines were updated in March 2021.

A Significant Step Forward in Tackling Money Laundering and Terrorist Financing

The move is seen as a significant step forward in Japan’s efforts to tackle money laundering and terrorist financing. This renewed focus demonstrates Japan’s commitment to combating financial crimes and protecting its financial system.