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The Japanese parliament has decided to implement stricter anti-money laundering (AML) measures starting next month, as local media outlet Kyodo News <a href="https://english.kyodonews.net/news/2023/05/7eb85f30cc36-kyodo-news-digest-may-24-2023.html" rel="noopener noreferrer nofollow">reported</a> on May 23rd.
In a bid to align its legal framework with international cryptocurrency regulations, Japan has taken a significant step forward. In a move to address concerns raised by the international financial watchdog, the Financial Action Task Force (FATF), lawmakers revised the AML legislation in December. The legislation was previously deemed insufficient by the FATF.
It has been <a href="https://www.bis.org/publ/othp42_system_design.pdf" rel="noopener noreferrer nofollow">reported</a> that a crucial aspect of the latest measures involves the implementation of the "Travel Rule" to ensure more precise monitoring of illicit gains. In accordance with the travel rule, financial institutions are obligated to transmit customer information to the recipient exchange or institution for any crypto transfer exceeding $3,000. To ensure proper transmission, the data provided must contain both the sender and recipient's name and address and pertinent account information.
Read full article at <a href="https://cryptotale.org/japan-to-enforce-cryptocurrency-anti-money-laundering-laws-in-june-report-finds/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Japan to Enforce Cryptocurrency Anti-Money Laundering Laws in June, Report Find

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