Japan’s finance ministry to take corrective action against Mizuho

Spread the love

© Reuters. FILE PHOTO: Mizuho Financial Group logo is seen at the company’s headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru Hanai//File Photo

TOKYO (Reuters) – Japan’s finance ministry is set to take punitive action against the banking arm of Mizuho Financial Group over a lack of compliance with the country’s foreign exchange law, the business daily reported late on Wednesday.

During the incident that took place on Sept. 30, Japan’s third-largest lender failed to comply with anti-money laundering procedures necessary under the foreign exchange act in transacting overseas remittances, the Nikkei said.

While checks found no evidence of illegal money remittances, the Ministry of Finance (MOF) decided on the corrective action as Mizuho is one of Japan’s largest banks, with a responsibility for payment systems, the Nikkei said.

A Mizuho spokesperson and a finance ministry official in charge of the foreign exchange law both declined to comment when contacted by Reuters.

The finance ministry in August announced a three-year action plan that included tighter supervision of financial institutions in response to a report by the Financial Action Task Force (FATF), a global financial crimes watchdog.

The Sept. 30 issue at Mizuho has also triggered a response from Japan’s banking regulator, which is set to issue on Friday a reprimand to the financial group over a series of system glitches, according to two sources with knowledge of the matter.

Mizuho group CEO Tatsufumi Sakai and the head of the firm’s main banking unit intend to resign to take responsibility for the problems, one of the sources said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x

Get Registered For FREE Forex Training!

Fill In Your Details To Get Registered For FREE Forex Training!

0
Would love your thoughts, please comment.x
()
x