The Financial Services Agency has issued an order to Aeon Bank to improve its business practices after it judged the bank’s measures against money laundering to be inadequate.
Aeon Bank, operated by retail company Aeon Co, has around 6,800 automated teller machines at its outlets, train stations and airports across Japan, according to Kyodo News. According to its latest disclosure report, the bank has about 4.62 trillion yen in deposits in 8.62 million accounts.
The Financial Services Agency has requested a review of Aeon Bank’s risk management system.
In 2021, the Paris-based Financial Action Task Force, which reviews the efforts of each country to combat money-laundering, pointed out that measures taken by regional banks and other institutions in Japan are insufficient.
© Japan Today
3 Comments
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dagon
"Business improvement orders" should probably be handed out for the many wage thieving companies and the ones that lazily handle client's data. But that never seems to be the case.
Curious.
fxgai
Thanks to this money laundering prevention, life is more difficult for us law abiding residents.
Aren’t you foreigners sick of having to wants your time telling your financial institutions that you aren’t an anti-social force or this and that? I know I am.
Too much of this regulation serves to cut off the nose inspite of the face.
WoodyLee
It is always the big boys, the movers and shakers who are running the show that hide their cash and doing all they could to avoid being detected.
The average citizen living from pay check to pay check doesn't have that privilege or the connections.
Money Laundering won't stop for as long as there is dealing and wheeling.