Regulatory Alerts2022-12-14
Guideline for Supervision of Funds Transfer Service Providers
Issued by Japanese supervisory authorities following the May 2021 revision of the Payment Services Act, this guideline establishes comprehensive supervisory standards for Type I, II, and III Funds Transfer Service Providers. It mandates rigorous assessments of business management, legal compliance, user protection, and IT system risk management, while imposing specific restrictions on fund retention and transaction limits based on service type. The document further outlines administrative procedures for registration, inspection, and cross-border transactions to ensure the safety and efficiency of the national funds settlement system.
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