The ruling coalition compiled a bill Friday to ban black-market sales of bank accounts, which are often used in fraud crimes, by setting penalties of up to two years in prison or a maximum of 3 million yen in fines, lawmakers said.

The Liberal Democratic Party and its coalition partner, New Komeito, plan to submit the revision bill and have it passed during the current Diet session.

As there is currently no law prohibiting unauthorized sales of bank accounts, the bill includes revising the law on requirements for personal identification.

It will ban sales of accounts without approval from the financial institutions concerned and impose penalties on violators, according to the lawmakers.

The bill also says that those who sell large numbers of bank accounts as a business will face up to two years in prison or a maximum fine of 3 million yen, while those who sell small numbers of accounts will face a fine of up to 500,000 yen, according to the lawmakers.

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