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Japan’s Anti-Money Laundering and Counter-Terrorism Financing Regulations
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Overview of Japan’s AML/CFT Regulations
Japan’s anti-money laundering (AML) and counter-terrorism financing (CFT) regulations are enforced by the Financial Services Agency (FSA). The FSA has published guidelines for AML/CFT measures that obliged entities must comply with. Obliged entities include financial institutions, cryptoasset exchange service providers, and other organizations that deal with foreign transactions.
Key Points from Japan’s AML/CFT Regulations
- Risk Assessment: Obliged entities are required to prepare a risk assessment document identifying ML/TF risks of their transactions and implementing measures to reduce those risks.
- Know-Your-Customer (KYC) Procedures: Financial institutions must maintain up-to-date customer information verified through know-your-customer (KYC) procedures.
- Enforcement: Enforcement against obliged entities is carried out through reporting orders and business improvement orders by regulatory authorities.
- International Cooperation: Japan has been a member of the FATF since 1990 and has developed its legal framework for AML/CFT based on FATF recommendations.
Additional Laws Affecting AML/CFT
- Act on the Protection of Personal Information (APPI): This law affects AML/CFT by requiring organizations to protect personal information in accordance with AML/CFT regulations.
- Whistleblower Protection Act: This law provides protection for whistleblowers who report suspicious transactions or other AML/CFT-related activities.
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