Mizuho Bank Vows to Ensure Money Laundering Prevention

Economy

Tokyo, Dec. 17 (Jiji Press)--Japan's Mizuho Bank on Friday said it will create a special team and improve its system to prevent any further failure to confirm that customers' remittances are not money laundering.

In a report submitted to the Finance Ministry, the core unit of Mizuho Financial Group Inc. <8411> promised to take measures to prevent a reoccurrence of the problem, for which the bank was told to take corrective steps by the ministry.

The bank plans to set up the legal and regulatory response promotion team with more than 10 members. An internal audit framework will also be established to check whether corrective measures are implemented appropriately.

In September, the bank skipped procedures for confirming whether remittances were money laundering as required by the foreign exchange law, during a system breakdown affecting its foreign exchange trading services. This led the ministry to order the bank in November to take corrective steps.

As part of the measures, the bank will conduct training regularly to let executives and employees know more about foreign exchange-related laws and regulations.

[Copyright The Jiji Press, Ltd.]

Jiji Press