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FSA Weekly Review No.550 August 24, 2023

CryptoFSA Weekly Review No.550 August 24, 2023

Publication of the main issues raised by the FSA at opinion exchange meetings with relevant associations in the financial sector

The FSA has published the main issues raised by the FSA at opinion exchange meetings* held with relevant associations in the financial sector in July 2023. (Available only in Japanese).

Common topics across the groups were:

– Report on the current status and challenges regarding anti-money laundering, counter financing of terrorism, and counter proliferation financing in Japan (as of June 2023), and the development of financial institutions risk management systems in terms of AML/CFT/CPF (Anti-Money Laundering, Counter Financing of Terrorism, and Counter Proliferation Financing)

– Analysis report on financial Institutions’ IT system failures

– Draft “Cabinet Office Order on the Designation, etc. of Specified Social Infrastructure Providers and Other Related Entities, Based on the Act on the Promotion of Ensuring Economic Security Through Implementation of Integrated Economic Measures” (i.e. the “Economic Security Promotion Act”) [provisional English title] and other relevant and applicable draft Orders, and

– Initiatives for sustainable finance.

Notable issues discussed by most but not all groups were:

– Request for financial measures to deal with disasters caused by the heavy rain from June 29, 2023, and from July 7, 2023, respectively, and

– Initiatives related to “Japan Weeks” (scheduled to be held from September 25 to October 6, 2023, inviting foreign investors and asset managers to communicate the attractiveness of Japan as a financial and capital market and to promote the government’s initiatives to make Japan an asset management powerhouse while furthering efforts toward the realization of an international financial center).

* To enhance the transparency of its administration and to share its awareness of issues in the financial sector in a timely manner, every month the FSA publishes the main issues raised by the FSA at opinion exchange meetings with the relevant associations** in the financial sector. Opinion exchange meetings are held with the respective associations on a regular basis.

** In July 2023, opinion exchange meetings were held respectively with the following seven groups: major banks, etc.; the Regional Banks Association of Japan and the Second Association of Regional Banks; Trust Companies Association of Japan; the Life Insurance Association of Japan; the General Insurance Association of Japan; the Japan Securities Dealers Association (JSDA); and the National Association of Shinkin Banks.

The original press release is available in Japanese at the following URL:
https://www.fsa.go.jp/common/ronten/index.html

Story from www.fsa.go.jp

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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