Gov't to impose stricter regulations on cash bank deposits in crackdown on laundering - MSN-Mainichi Daily News

Gov't to impose stricter regulations on cash bank deposits in crackdown on laundering - MSN-Mainichi Daily News: "Gov't to impose stricter regulations on cash bank deposits in crackdown on laundering

People who try to make deposits in person of more than 100,000 yen in cash at financial institutions will be required under a law to show identity that proves they are the holders of the accounts, according to revised regulations.

The Cabinet on Tuesday adopted revised regulations designed to lower the limit of accepting cash payments at institutions without identification in a bid to block money laundering and fund transfers to terrorist organizations.

Currently, those who deposit more than 2 million yen in person at counters have to prove their identity.

After the revised regulations take effect on Jan. 4 next year, people who try to deposit more than 100,000 yen in cash will not be able to do so at automatic teller machines (ATMs). Instead they have to prove their identity by showing identity cards such as driver's licenses over the counter at financial institutions.

Account holders won't need to show identification to transfer money from account to account as they would have already proved their identity when setting up the accounts. (Mainichi)"