Japan to allow full online procedures to open bank accounts
Jiji -- Sep 13
Japan's Financial Services Agency and National Police Agency plan to start discussions shortly to make it possible to complete online procedures needed for opening bank accounts, aiming to improve convenience for users, according to informed sources.

Currently, it takes time for online applicants to open bank accounts and actually start using services, because they need to verify their identifications by receiving cash cards or other documents by mail from the banks.

The two agencies plan to consider measures for ID confirmation by looking at examples in foreign countries, including combinations of video chat and ID presentation, as well as those obliging users to make first deposits from their existing bank accounts, the sources said.

The agencies hope to revise rules for the enforcement of the law on the prevention of transfers of criminal proceeds, which set out methods for ID confirmation to counter money laundering, within this year, the sources said.

News source: Jiji
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