Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Friday, May 10, 2024, 8:44 am to 8:50 am)

Q.

There is suspicion that a regional bank, Kiraboshi Bank, failed to conform to the rules established under the Act on Prevention of Transfer of Criminal Proceeds and other law in relation to the remittance of large amounts in 2022. What do you think of this and what measures will the financial authority take from now? 

A.

I will refrain from making any comments on administrative actions to be imposed on any individual transaction or individual financial institution you mentioned. However, generally speaking, the FSA has been calling for users' attention to fraud conducted through such means as bank transfer on its website and via other media. The FSA has also been asking financial institutions to alert customers who request a remittance of a large amount. We consider it important to continue working for the prevention of damage by fraud in close collaboration with the National Police Agency.
Financial Institutions are required to properly conduct confirmation at the time of transaction and reporting of suspicious transactions under the Act on Prevention of Transfer of Criminal Proceeds and manage customers in accordance with risks, as their anti-money laundering measures. The FSA will monitor their initiatives appropriately.