Harnessing Digital Transformation
to reinvent Future Banking

Source: bloomberg.com

By: Khushboo Punjabi

According to the Bloomberg, more than 80 Japanese banks have expressed their willingness to join JP Morgan’s blockchain-based network called Interbank Infornmation Network (IIN) to cobalt Money Laundering.

IIN is among several initiatives being developed using digital technology to speed up global money transfers. Companies including Facebook Inc. are working on blockchain-based payments.

Daizaburo Sanai, an executive director at the U.S. firm said “Japanese banks may be seeking to use the platform to bolster anti-money laundering measures because it makes the screening of cash recipients “faster and more efficient.”

JP Morgan launched IIN as a pilot in 2017, has begun implementing it outside of Japan and plans to go live in the country as soon as January, Sanai said.

Banks in Japan have been under pressure to strengthen steps to prevent money laundering and terrorism financing since the Financial Action Task Force found deficiencies in the country in 2014.
Banks in Japan have been under pressure to strengthen steps to prevent money laundering and terrorism financing since the Financial Action Task Force found deficiencies in the country in 2014.