Japan's Financial Supervisory Authority plans to introduce new improvements to its currency exchanges

Japan's Financial Supervisory Authority plans to introduce new improvements to its currency exchanges
The Japanese Financial Supervisory Authority (JAFC) is planning to introduce improvements in a number of licensed digital currency transactions in the country, including issues related to domestic regulations, including anti-money laundering measures.

According to a report from Nikai, on Tuesday, the country's financial services authority, intends to ensure full compliance with the current anti-money laundering rules in the largest exchanges with the increase of their property of customer funds quickly, the report points out that at least five exchanges, including bitFlyer, Quoine, and Bitbank, are listed in the body's list to receive "business improvement orders" this week.

Based on the recent inspections, the FSA found that some licensed exchanges still do not have sufficient measures to identify suspicious transactions. Furthermore, the Commission is also concerned that companies have not recruited enough staff to deal with the growing volume For transactions on their platforms.

Back in April, the TRA had already raised questions about what it considered the bulk verification process being enforced at bitFlyer, and then the company promised to strengthen its actions.

Japan's Financial Supervisory Board issued orders to improve business in March to a number of unknown stock exchanges - including GMO Coin and Tech Bureau, as part of its review of the digital trading platforms following the January break, 530 million dollars.

Earlier this month, the TRA gave its first ever digital currency exchange license to FSHO after it issued two orders to comment on the company for its alleged failure to implement security enhancements and anti-money laundering improvements.

The latest move by the Financial Services Authority comes just days after Japan's self-regulatory group proposed to strengthen anti-money laundering measures by banning member platforms from listing anonymous lists such as Monroe and Dash .