Japan's Financial Regulator Orders Aeon Bank to Improve Anti-Money Laundering Measures After 14,000 Suspicious Transactions

Japan's Financial Services Agency has issued a business improvement order to Aeon Bank due to deficiencies in its anti-money laundering measures. The regulator found that Aeon Bank failed to detect and report over 14,000 suspicious transactions, raising concerns about the adequacy of its internal management systems. This marks the first disciplinary action taken against the bank by the agency, which criticized the management's lack of awareness regarding these issues. The agency's investigation revealed that bank accounts were frequently used for money laundering activities, prompting the need for enhanced scrutiny and corrective measures.