Japan

Enforcement

JSDA Fines MUFG Units for Sharing Client Information

By Editors | 23/09/2024

Mitsubishi UFJ Bank and two affiliated securities firms were fined for sharing non-public information without permission.

AML / KYC

Japanese Crime Bosses Had Singapore Connection – Report

By Nithya Subramanian | 23/09/2024

Three leaders of the Rivaton Group, which allegedly laundered funds for criminal groups, resided in and were directors of companies in Singapore.

ESG / Sustainability

Japan to Loosen Rules on Bank Investment in Green Projects

By Thisanka Siripala | 23/09/2024

Proposed draft legislation will ease restrictions on bank investments in Green Transformation (GX) related companies.

Market Infrastructure

US, Hong Kong Cut Rates for the First Time in Four Years

By Manesh Samtani | 19/09/2024

The last time the US Federal Reserve and HKMA lowered their benchmark interest rates was during the early days of the Covid-19 pandemic in 2020.

Japan FSA Calls on Banks to Improve Internal Audit Function

By Thisanka Siripala | 16/09/2024

Japanese FIs are directed to refer to the IIA’s Global Internal Audit Standards to enhance their internal audit functions, by 1 January 2025.

Fintech / Regtech

Japan to Develop Guidelines to Quantum Proof Financial Sector

By Thisanka Siripala | 13/09/2024

A set of guidelines will be prepared to assist FIs in preparing for a transition to post-quantum cryptography, drawing from NIST standards.

Fintech / Regtech

Japanese Megabanks to Stop Issuing Paper Bills and Cheques

By Thisanka Siripala | 13/09/2024

Sumitomo Mitsui will discontinue paper bills and cheques altogether in September 2025. MUFG and Mizuho Bank are expected to follow suit.

Crypto / Digital Assets

Ripple Considers Issuing Japanese Yen Stablecoin – Reports

By Thisanka Siripala | 12/09/2024

Ripple CEO Brad Garlinghouse hinted that Ripple could issue a yen stablecoin once its planned USD stablecoin is approved in the US.

AML / KYC

Japan Backs FSB Plan to Streamline Cross-border Payments

By Thisanka Siripala | 12/09/2024

However, the Japanese Bankers Association is calling for incentives to help boost the adoption of LEIs, which are currently costly and complex to implement.