Japan bank bosses step up attempts to stop transactions with organised crime

Sunset in Tokyo, Japan

Japan's banking industry body will step up its efforts to stop illegal transactions with organised crime syndicates, an industry official said, in response to a scandal over loans to mob members by Mizuho Financial Group.

Reuters reports that the Japanese Bankers Association's plans to crack down on illicit transactions include the use of a police database of mob members, the source with direct knowledge of the matter said.

The association has been in talks with police since 2010 to use the information to boost lenders' own client databases.

The industry body is planning to release a set of new measures aimed at cutting organised crime out of the banking system later this year, added the source, who requested anonymity because he is not authorised to discuss the matter publicly.

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Japan bank industry body to step up anti-mob measures

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