Japan Calls on Nonfinancial Sectors to Adopt AML Procedures by March 1

By Brian Monroe

Japan will impose anti-money laundering requirements on credit card companies, real estate agencies and other nonfinancial industries beginning March 1 as a global watchdog prepares to evaluate the nation's AML regime. The industries, which also include jewelry dealers, trust providers and accountants, will be required to keep transaction records at least seven years, confirm customers' identities and file reports of suspected laundering with authorities. The measure brings the number of industries in Japan subject to AML requirements to more than 40, including financial services companies, according to the Financial Services Authority, the nation's financial intelligence unit. The firms will be...