This act combats financial crimes and terrorism financing within Japan.
Anti-Money Laundering and Counter-Terrorist Financing Act (Japan)
Overview
Overview
Key Compliance Areas
Key Compliance Areas
- Customer Verification: Mandates identity checks for clients.
- Reporting Obligations: Requires institutions to report suspicious activities.
- Risk Assessments: Enforces frameworks to evaluate risks.
Critical Dates and Milestones
Critical Dates and Milestones
The act aligns with global AML standards, with updates over recent years.
Risks of Non-Compliance
Risks of Non-Compliance
- Legal Penalties: Firms face fines and operational restrictions.
- Reputational Harm: Non-compliance erodes consumer trust.
- Operational Risks: Breaches disrupt regulatory approval.
Benefits of Compliance
Benefits of Compliance
- Risk Reduction: Mitigates exposure to financial crime.
- Global Alignment: Demonstrates adherence to international standards.
- Consumer Trust: Enhances confidence in financial institutions.
Related Resources
Webinar: Demystifying the SEC's Cyber Rule in 2024
Your Legal and IT SEC Cheat Sheet: Complete Compliance for Asset Managers
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