News

Japan limits cash transfers at ATMs

August 2, 2006

The Asahi Shimbun: In a bid to combat money-laundering and terrorist-financing, Japan's Financial Services Agency will limit cash transfers from ATMs to 100,000 yen (U.S. $869) per transaction. The limit, which is currently 2 million yen, on Jan. 4 will be reduced for remittances made at foreign ATMs; a customer can still transfer up to 2 million yen, if he uses an ATM operated by a financial institution he banks with. Under the new regulations, cash transfers of more than 100,000 yen will require a customer to go through procedures at bank counters.

The move is part of FSA's push for financial institutions to implement stricter standards to verify customers' identities at bank counters, officials said. It also stems from a recommendation in 2001 by the Financial Action Task Force, an international organization monitoring money-laundering and terrorist-financing. The agency said it will collect public opinions on the matter until Sept. 1.