Financial institutions including banks, securities companies, insurance companies, lending businesses, fund transfer businesses, credit card issuing companies, and finance lease companies, among others, as well as DNFBPs including lawyers, accountants, real estate brokers, jewellery dealers, company service providers and such.
3. Who are the local regulatory authorities in Japan, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
The National Police Agency and the government agency supervising the applicable industry area are both responsible.
4. What is the status of Japan's FATF?
Japan is the member of the FATF since 1990. Also Japan is the member of the APG and observer of MONEYVAL. Japan is not on the FATF List of Countries that have been identified as having strategic AML deficiencies.
5. Which global regulations Japan have to comply with?
Japan implements sanctions regime pursuant to resolutions by the UNSC.
6. What are the AML obligations of the businesses in Japan?
Businesses AML obligations are, conduct Customer Due Diligence measures, maintain records of CDD information and of transactions with customers, file Suspicious Transaction Reports (SAR) where applicable, and make sufficient efforts to implement internal control to combat money laundering.
7. What are the local AML laws and regulations in Japan?
Act No. 59 of 1981 - Act No. 25 of 1948 - Act No. 40 of 1982 - Act No. 10 of 1982 - Act No. 34 of 1971.
8. What are the penalties for failure to comply with anti money laundering law in Japan?
The maximum penalty for individuals is imprisonment up to two years and a fine of up to three million yen. The maximum penalty for a legal entity is a fine of up to 300 million yen.
9. What are the contact details of the relevant regulators in Japan?
Ministry of Foreign Affairs
2-2-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8919, Japan
Ministry of Finance Japan
3-3-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940, Japan
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Japan?
Yes. Violations of anti-money laundering obligations also subject to criminal sanctions in Japan.
10. What can obliged institutions do to prevent money laundering and to comply with AML regulations in Japan?
In Japan, incumbent entities need to have a good understanding of the regulations and also follow these frequently changing regulations. They should implement measures such as Know Your Customer, Customer Due Diligence, Transaction Screening, and Transaction Monitoring. With its AML solutions, Sanction Scanner can provide services to all organizations in Japan in accordance with their obligations. Companies operating under AML obligation in Japan can quickly and easily meet their AML needs with Sanction Scanner solutions. For more detailed information, you can talk to us or request a demo.