Japan: Financial Services Agency Releases Suspicious Transaction Reference Cases for Virtual Currency Exchanges

On April 1, 2019, the Financial Services Agency (FSA) released a set of example circumstances to assist financial institutions/virtual currencies exchanges in recognising and reporting suspicious transactions.

The obligation to report suspicious transactions is provided in Article 8 of the Act on the Prevention of Transfer of Revenues and Crime. However, the document recommends that even if a transaction does not fall under one of the examples outlined, financial institutions should still report a transaction that falls under the scope of a suspicious transaction.

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