Japan Requests Real Estate and Crypto Firms Tighten AML Checks on Property Deals
Japanese regulators are requiring real estate and crypto firms to implement stricter anti-money laundering protocols for property transactions involving digital assets.Summary
Japanese government agencies, including the Financial Services Agency and the National Police Agency, have issued joint guidance mandating that real estate and cryptocurrency firms enhance their anti-money laundering (AML) protocols. The regulators identified crypto assets as high-risk for illicit financial activity due to their cross-border nature and potential for rapid transfer. Firms are now required to perform strict customer due diligence, report suspicious transactions, and adhere to legal requirements regarding the conversion of crypto assets into fiat currency. Additionally, the guidance emphasizes compliance with the Foreign Exchange and Foreign Trade Act for large overseas transfers, as Japan continues to strengthen its regulatory oversight of digital assets.
(Source：Cointelegraph)