Today it was reported that more than 80 Japanese banks have signed up to use JP Morgan’s blockchain network for addressing anti-money laundering (AML) issues, said
Bloomberg.
JP Morgan’s Interbank Information Network (IIN) is a communication network. Instead of actually making the payments, it enables participants to improve compliance for payments. The goal is to address problem payments which require a lot of back and forth between financial institutions. The platform uses Quorum, the enterprise version of Ethereum developed by JP Morgan. A senior JP Morgan executive previously highlighted the
benefits of IIN.
In the past, Japan has been criticized by
The Financial Action Task Force (FATF) for having a weak AML system. Last year, the country’s financial regulator urged lenders to step-up their efforts for AML compliance, a
Reuters report said. Japan’s Financial Services Agency wants banks to do a better job with customer due diligence and know your customer (KYC) activities.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
