The Financial Services Agency said Wednesday it will require banks to keep records of people transferring 100,000 yen or more to help crack down on criminal activities.
The amount has been reduced from 2 million yen to help stop money-laundering and the funding of terrorist activities, the financial watchdog said.
The new rule, which will include transfers in foreign currency, will go into force Jan. 4, the FSA said.
It will mean that anyone who wants to send more than 100,000 yen via an automated teller machine will have to use a cash card, the agency said.
If a person sends more than the 100,000 yen limit with a cash card at an ATM, the assumption will be that the bona fide cardholder conducted the transaction.
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