DMM Bitcoin Strives To Meet The Additional AML Requirements In Japan

DMM Bitcoin which is a virtual monetary unit exchange business that is a part of the Japanese Internet company DMM.com Group, focuses to respond to the new anti-money laundering rules formulated by Japanese regulators.

According to the message to his customers, DMM Bitcoin said that he can demand aextra  information from them in order to fulfill with the new rules of the Japanese Financial Services Agency (FSA). Particularly, the Additional information can regard the details and objectives of the transaction.

These rules and regulations, developed by the FSA, are aimed at preventing money laundering and the financing of terrorism through financial institutions.

There does not exist any single type of question that will be asked by financial companies seeking to comply with these rules. Questions and claimed Information may vary from company to company, even from the same company, alerts the FSA. Customers, for example, may be requested additional identification documents, additional procedures for performing transactions, additional information about the purpose of the transaction and information on the status of their assets.

At the same time, Japanese regulators continue to give business improvement orders against crypto-currency companies that have not complied with regulatory requirements. The most recent example is Everybody’S Bitcoin Inc, which was authorized after on-site examinbation, which revealed a number of non-compliance issues, including problems with maintaining statutory books, lack of information to clients, AML problems, lack of control over systemic risks, and internal audit problems .

 

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