To develop legislation to enable remittance of over 1 million yen to non-banks Financial Services Agency October 4th 20:17
An increasing number of companies are offering various remittance services, such as smartphone payments using QR codes and overseas remittances. The Financial Services Agency has begun to study the legislation so that money exceeding 1 million yen can be sent.
Various industries other than banks, such as smartphone payments and remittances from convenience stores and travel agencies, are now offering remittance services.
In addition, the maximum amount of remittance is 1 million yen per transaction, and there are calls from suppliers to raise it.
For this reason, the Financial Services Agency has begun studying in the direction of improving the law so that remittances exceeding 1 million yen can be made.
The FSA has set up a system to prevent banks that handle high-value remittances from being used to clean money for criminal organizations.
In addition to thorough arrangements for remittance service providers, we are considering accepting suspicious remittances where the destination, amount, and date of remittance are unclear.
In the future, the Financial Services Agency will conduct a thorough discussion based on the opinions of experts and aim to revise relevant laws in the next year's ordinary Diet session.