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The Financial Services Agency plans to issue a business improvement order to Aeon Bank, Ltd. as a result of finding deficiencies in the bank’s anti-money laundering measures, it has been learned.
The FSA cited insufficient measures and is likely to call for Aeon Bank to improve its risk management system.
The Financial Action Task Force, an inter-governmental body headquartered in Paris that works to combat money laundering, placed Japan in the “enhanced follow-up” category, which is the second of three levels, in 2021.
Following the placement, the FSA investigated various financial institutions and urged them to fix any issues by the end of March 2024.
This will be the first time the FSA will take administrative action against a bank based on the investigations. The decision also appears to be a part of its efforts to make Aeon Bank more aware of its management issues.
