Details from the Financial Services Agency's official documentation or announcements

Japan's Financial Services Agency to Issue Improvement Order to Aeon Bank in Tokyo for Anti-Money Laundering Deficiencies on December 25, 2024

Dec 24, 2024, 10:15 PM

The Financial Services Agency of Japan has announced plans to issue a business improvement order to Aeon Bank due to deficiencies in its anti-money laundering measures. This decision comes amid increasing scrutiny of financial institutions regarding their compliance with regulations aimed at preventing money laundering. While specific instances of misuse have not been disclosed, the agency determined that proactive measures are necessary to enhance the management's awareness of these issues. The order reflects a broader crackdown on fraud associated with foreigner-owned bank accounts, indicating a heightened focus on regulatory compliance within the banking sector.