Japan's FSA Publishes Amendment to Anti-Money-Laundering RulesA · FULL TRANSLATION

Japan's Financial Services Agency published on August 6 an amendment to the enforcement regulations of the Act on Prevention of Transfer of Criminal Proceeds. The announcement page carries only the title of the order; the amended provisions and effective date are in the attachment. Refer to the original for details.

The law matters to foreign residents more than to Japanese ones. It is the legal basis for the identity checks banks apply when you open an account, remit funds or make large transactions — the residence card, certificate of residence, seal and proof of address requirements all trace back to it. Each time the enforcement regulations change, the document checklist at branch level can change with them.

In practice the gap is between principle and execution: the same paperwork accepted at one branch may be questioned at another, and branches tend to interpret strictly in the months right after an amendment.

If you plan to open an account, remit property funds or incorporate in Japan, prepare source-of-funds documents in advance, state the purpose of remittance accurately, and allow weeks rather than days for the process.

Watch the effective date in the attachment and whether major banks revise their requirements for non-resident applicants.