Japan's FSA Encourages Financial Institutions to Monitor Illegal Transfers to Crypto Exchanges

According to PANews, the Japanese Financial Services Agency (FSA) is urging the country's financial institutions to strengthen their monitoring of illegal transfers to cryptocurrency exchange providers. The Japanese National Police Agency's analysis concluded that the damage caused by fraud related to illegal remittances is primarily due to the use of cryptocurrency transfers. The FSA encourages financial institutions to further enhance user protection based on risk. Specifically, the FSA suggests that 'if the sender's name is different from the account name, financial institutions should stop transferring to cryptocurrency asset exchange service providers.'