Japan Post Bank to Cap Overseas Remittance

Economy

Tokyo, Aug. 8 (Jiji Press)--Japan Post Bank Co. <7182> and Japan Post Co. will place a limit on the amount of funds that can be sent via their overseas bank transfer service to tackle money laundering.

To prevent illegal financial transactions, overseas remittance will be limited to 5 million yen per day.

Currently, there is no ceiling on how much money customers can send through the service.

The number of post offices offering the service will be reduced from the current 3,210 to 1,194, beginning in October, Japan Post Bank and Japan Post said Wednesday.

Another overseas remittance service, through which postal money orders can be sent to foreign addresses, will be continued only for the United States, with the limit lowered from the current 7,000 dollars to 2,800 dollars.

[Copyright The Jiji Press, Ltd.]

Jiji Press