Japan KYC Infographic – The challenges of AML and KYC for Japanese banks

Are Japanese banks ready for the 2019 FATF assessment?

Japan’s Financial Services Agency (FSA), which regulates the nation’s banks to ensure robust AML compliance controls are implemented across the industry, will be assessed by the Financial Action Task Force (FATF) this year. The FSA wants to show that Japan has made progress toward its AML compliance regulations and enforcement.

At the recent KYC compliance conference in Japan, Accuity conducted a market survey with the leading banks’ compliance and AML professionals. One of the key findings from the survey was that 90% of the banks do not have work-flow and risk scoring methodology for establishing a relationship (new/ongoing) with a correspondent bank. Having an up-to-date status on existing counterparties and changing regulatory requirements also pose big challenges to these banks.

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Accuity Japan Survey (Japanese version)

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