Japan Post to review international money transfers

Japan Post Bank appears set to place a limit on over-the-counter international cash transfers to better address money laundering.

Japan Post Holdings and its bank arm, Japan Post Bank, have announced a limit of 5 million yen, or about 47 thousand dollars, on overseas remittance starting October 1.

They also announced plans to more than halve the number of post offices that offers international fund remittances, from the present 3,210 to 1,194.

They say this way, post offices can properly deploy workers that can carry out necessary checks on the purpose of remittances.

They are to also review the cap on the amount of foreign currency a customer can purchase on a single visit to the counter, from the current 2 million yen, or about 18 thousand dollars, to about 100 thousand yen, or about 940 dollars.

The announcement comes as Japan has come under criticism for lagging behind other major nations in preventing illegal financial transactions.

The Japan Post group will be joining other Japanese banks in stepping up anti-money-laundering measures.