FSA Weekly Review No.570

The National Police Agency (NPA), the FSA and other competent administrative agencies have published the "Order to Amend the Ordinance for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds" (the NPA has the main jurisdiction over the Order). The Order mainly provides the following updates:

1. to grant an exemption to the obligation of verification at the time of transaction when a transaction pertains to donation. This exemption is limited to a cash remittance that is not more than two million yen for the purpose of making a disaster relief donation in respect to the Noto Peninsula Earthquake in 2024 to a donation account that is opened mainly to accept disaster relief donations related to the said earthquake, and

2. to grant an exemption to the methods of verifying identification matters/information of the disaster-affected financial services users as a temporary measure, where it is considered difficult to use the regular/legitimate method of confirmation of identification matters/information, thereby allowing them to file legitimate identification documents at a later date.

The aforementioned updates were enforced on January 11, 2024.

 

Note: No public consultation was conducted, for the amendments fall under cases prescribed in the "Administrative Procedures Act," where the urgent establishment of Administrative Orders, etc. are necessary for the public interest.