According to local publication Kyodo News, the new AML procedures will allow the Japanese legislature to catch up with the world’s leading countries in this area.
Parliamentarians began to correct existing measures against money laundering as early as last December.
At the time, the international Financial Action Task Force (FATF) said that Japan’s existing procedures were insufficient.
One of the main innovations will be a “moving rule” that will allow better tracking of cryptocurrency transactions.
Any financial institution with a transaction over $3,000 will have to turn over transaction information to the regulator.
The data list should include the names and addresses of the recipient and sender, as well as all account information.
The current version of Japan’s anti-money laundering and counter-terrorist financing rules went into effect on April 1 last year.