FINANCIAL SERVICES AGENCY

Enforcement

MUFG Brokerage Unit Primary Dealer Status Suspended

By Manesh Samtani | 17/07/2018

Dealer found to be manipulating prices in JGB futures trading, resulting in one-month suspension of the firm’s primary dealer status for one month.

Enforcement

Japan’s Higashi-Nippon Bank Under Fire for Lending Misconduct

By Manesh Samtani | 16/07/2018

The bank falsified customers’ financial records to boost loans, illicitly charged fees on loans in addition to interest, and used inappropriate financing methods involving over-lending to customers.

Market Infrastructure

Japan FSA Issues Revised Report on Supervisory Overhaul

By Manesh Samtani | 08/07/2018

Report was revised following consultation on proposed move to ‘dynamic supervision’ model; FSA says existing supervisory approaches deter focus from priority issues and may not prevent next crisis.

Fintech / Regtech

Japan’s Line Corp To Launch Crypto Exchange in Singapore

By Garima Chitkara | 02/07/2018

Cryptocurrency exchange will be launched outside Japan, with application with Japan FSA still pending; Line Corp looking to capitalise on user base for payments, transfers and asset management services.

Crypto / Digital Assets

Japan to Use Credit Scores to Monitor Crypto Trading

By Emma Zhou | 29/06/2018

The Japanese government plans to use personal credit information and social media IDs to monitor suspicious crypto trading activities and accounts.

AML / KYC

Non-EU Markets Regulators Seek Formal GDPR Exemptions – Report

By Manesh Samtani | 28/06/2018

New EU data privacy law could put cross-border investigations in jeopardy, leading non-EU regulators including Japan’s FSA and Hong Kong’s SFC to press for formal clarification on application of cross-border information sharing exemptions.

AML / KYC

UPDATED – Japan Orders Six Crypto Exchanges to Improve AML Systems

By Garima Chitkara | 25/06/2018

FSA issued business improvement orders to six exchanges after it found lax AML processes during on-site inspections. Of the six targeted, BitFlyer has stopped taking on new clients until it makes changes to its client management processes.

AML / KYC

Japan FSA Orders Banks to Report on North Korea JVs

By Manesh Samtani | 25/06/2018

All banks and credit unions ordered to provide the details on accounts used by 10 existing Japan-North Korea joint ventures, including details on individuals and entities, assets, employees and transaction records.

Enforcement

Japan Scrutinises Crypto Exchanges, Industry Body to Release New Rules

By JP Reimann | 21/06/2018

FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.