TOKYO (Reuters) – Japan’s monetary regulator and the central financial institution plan to launch a sweeping investigation as early as this summer time to see how effectively regional monetary establishments’ anti-money laundering measures are functioning, the Nikkei enterprise each day mentioned on Wednesday.
The transfer comes as the worldwide soiled cash watchdog Monetary Motion Job Power will probably level out insufficient inner management techniques at Japanese monetary establishments in an evaluation it can publish in August, the paper mentioned.
The Monetary Providers Company (FSA) and the Financial institution of Japan (BOJ) intention to be taught if regional banks and different native monetary establishments are implementing enough steps in opposition to fraudulent cash transfers and, if discovered to be insufficient, the FSA and BOJ will ask them to take corrective motion, the Nikkei mentioned.
The BOJ declined to remark, whereas FSA officers weren’t instantly obtainable.
(Reporting by Takashi Umekawa, Takahiko Wada, Kiyoshi Takenaka; Modifying by Alison Williams)