Japan Financial Services Agency: virtual currency exchange must submit anti-money laundering report

It is understood that the Japan News Agency reported on March 8 that the Japan Financial Services Agency requires that 32 virtual currency trading institutions across the country must submit anti-money laundering countermeasure reports on virtual currency.

Japan Financial Services Agency: virtual currency exchange must submit anti-money laundering report

It is reported that the legal support for the collection order of this report is Japan's "finance algorithm amendment". At the same time, the Japan Financial Services Agency requires each exchange to complete the submission within 5 days. About the content of the report, it is related to the possible illegal use of various virtual currencies, and corresponding countermeasures. Some people believe that virtual currency is one of the hotbeds of cybercrime. To this end, all countries in the world are developing and issuing various regulatory policies to prevent risks. The move by the Japan Financial Agency is precisely to prevent virtual currency from being used for illegal money laundering. It requires practitioners to come up with measures in advance to minimize the occurrence of crimes and the losses caused. According to relevant sources, in addition to similar intelligence gathering work, the Japan Financial Services Agency will also increase supervision in the future. In February of this year, the Japan Financial Services Agency introduced a counter-money laundering countermeasure program for financial institutions, and this order is based on the investigation of this program. In addition, this report also requires the exchange to report on the number of staff writing reports, the method of reviewing suspicious transactions, and the virtual currency transactions with high anonymity and the possibility of money laundering.

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