4A. No Registered Overseas Remittance Agent Former Preface
Japanese legislation limits overseas remittance business from the standpoint of preventing money laundering etc. to only banks or firms who have obtained money transfer agency registration from the Financial Services Agency. The following is a cap from the Ministry of Finance website .
However, in the case of a bank there is no upper limit on the remittance amount, while for a money transfer agent the remittance amount per transaction is limited to 1 million yen. The following is a cap from a leaflet for explanation on the money transfer agent found on the FSA website .
By the way, the registration list of banks and money transfer companies is open to the FSA's website.
However, in illegal overseas binary option contractors, FX traders and others that are covered in this site, overseas remittance traders appearing that are not likely to have registration of banks or money transfer managers appear and those illegal contractors It is the window of overseas remittance to the company. If you are responsible for remittance to an overseas agent even though you are neither a bank nor a money transfer agent, you will fall under what is called a so-called underground bank . Speaking of underground banks the most common is illegal remittance operations that foreigners and others who are illegally working are required to be verified by regular overseas remittances such as banks, and because they have high commissions, It is about a supplier. Occasionally underground banks in their hands have been caught and picked up in newspapers and others.
These underground banks are cheaper in commission than regular banks, and there seems to be demand for foreigners who are illegal in their first place because it is difficult to establish a bank account. This is an illegal act that is a violation of the Banking Law and penalties of " imprisonment of 3 years or less or a fine of 3 million yen or less " are stipulated.
And here it is not an underground bank that is used for the remittance to foreign families that foreign workers remain in their country of origin even by the same illegal underground bank, but as a means of remittance recommended by overseas binary option contractors, FX traders etc. It is an underground bank that appears as. For example, when comparing overseas FX traders with Japanese FX traders, it is clear that the higher remittance fee is a drawback of overseas traders, but those that are being used to alleviate some of their shortcomings It is conceivable. In addition, for illegal traders and fraudsters abroad, it is probably that actual illegal remitters are used for the purpose of hiding their true location etc.
It is the same that the overseas remittance business without registration is illegal even if the user is different, rather it is much more malignant in that investment fraud is easier than underground banks used by foreign workers It can be said that it is an underground bank. There seems to be a "tool shop" that prepares bank accounts and mobile phones difficult to track in the transfer fraud group, but the underground banks that cooperate with illegal acts such as investment fraud belong to the same category as "tool shop" I think whether to say it.
There are also cases where it is suspected that these underground banks are part of a big fraud organization in the first place. Therefore, I think that overseas traders who designate an illegal bank account of an underground bank as remittance means should watch out.