Japan to introduce new remittance rules to prevent crypto-related money laundering

Japan's government has announced plans to introduce new money transfer rules to stave off the use of cryptocurrency exchanges for money laundering. The Act on Prevention of Transfer of Criminal Proceeds will be amended to require crypto exchanges to share customer information when they move tokens between platforms, in a move that will help Japanese authorities to track money transfers by people engaged in illegal activities. A draft amendment to the legislation was introduced on 3 October 2022 and is expected to take effect in May 2023. [3 Oct 2022]

Watchdog recommends administrative punishment for SMBC Nikko over alleged manipulation

A brokerage unit of Sumitomo Mitsui Financial Group, SMBC Nikko Securities, and six of its former executives, have been indicted on charges for purchasing ten individual stocks on the market, allegedly to push up their prices and ensure block trade deals in them did not fall through. This comes after action by the Securities and Exchange Surveillance Commission of Japan, relating to alleged market manipulation. [29 Sep 2022]