Japan Banks to Share Fraudulent Account Data from April 2027

Tokyo, April 1 (Jiji Press)–Japan’s banking industry will begin sharing data on fraudulent accounts from April 2027 to curb scam-related losses, Masahiko Kato, new chairman of the Japanese Bankers Association, said in a recent interview. Kato, who assumed the post on Wednesday, said the move to share account information follows scam cases escalating into a grave social problem with losses at a record high. “It is essential to coordinate not only within the banking sector but also with relevant ministries and agencies,” Kato, also president of Mizuho Bank, said, signaling cooperation with police and other authorities. Under the initiative, account data will be shared through the Cooperation agency for Anti-Money Laundering, established by the association to counter financial crime. The scheme aims to freeze suspect accounts swiftly and preempt further damage. “Elements of a cat-and-mouse game persist, and prevention has not been sufficient,” Kato said of the scams classified as special fraud in Japan, underscoring the need to intensify countermeasures. Kato also referred to regulatory asymmetry, saying that while firms in logistics and telecommunications, for example, can expand into finance, banks are restricted from entering other sectors. “It is not on equal footing,” he said. On potential deregulation to allow banks to transition into general holding companies and broaden nonfinancial services, Kato said the industry would “focus on the issue over the medium to long term,” suggesting that the association will continue deliberations. END [Copyright The Jiji Press, Ltd.]