Will Stop Accepting Bearer Checks and Securities
Recognizing the importance of international efforts to prevent money laundering, Shinsei Bank, Limited, announced that it will no longer accept certain securities (listed below) from retail customers as of Monday, September 1, 2008. The change of policy is in line with Japan’s Law for the Prevention of Transfer of Criminal Proceeds. The Bank will continue to accept these securities from corporate customers with whom it already has a transactional relationship.
Shinsei Bank is restricting transactions that use transferable bearer payment instruments and minimizing opportunities to move funds anonymously.
Securities that will no longer be accepted as of Monday, September 1, 2008
Physical securities for which Shinsei Bank is not the place of payment
(Certified) bank checks made out to the bearer
Bearer checks drawn on current accounts
* Items will be accepted, however, (1) for settlement activities between financial institutions, (2) if the drawer of the check is a Shinsei Bank account holder or (3) if the bearer is a corporate counterparty approved in advance by Shinsei Bank.
Shinsei Bank will continue to accept the following checks:
-Specified checks for which the payee is indicated
-Checks for which the payee is a Shinsei Bank account holder or checks for which the endorsee can be verified as a Shinsei Bank account holder through an uninterrupted series of endorsements from the payee
Re-disseminated by The Asian Banker
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