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Japan SESC Orders Avacus Exchange to Build AML System

Japan SESC Orders Avacus Exchange to Build AML System
  • Japan Securities and Exchange Surveillance Commission (SESC) has ordered Avacus crypto company to build an Anti-Money Laundering (AML) system.
  • Specifically, SESC has given Avacus a deadline of January 15 to submit its business improvement plan.

Japan has ordered Avacus crypto exchange to add an Anti-Money Laundering (AML) system to its blockchain-based peer-to-peer (P2P) services. As a result, the AML features will make sure that transactions are confirmed and recorded.

The order came through Japan’s Securities and Exchange Surveillance Commission (SESC). Specifically, Avacus has to submit a business improvement plan to the financial regulators on January 15. In detail, the plan should clearly explain measures on how it will correct record-keeping failures.

The SESC acts as an independent body under the FSA. As such, it monitors the overall financial businesses and investigates market misconducts.

Also, the SESC ordered Avacus to introduce a strategic and effective business management system. Hence, this will ensure much more reliable business operations.

Moreover, Avacus must file a report to the SESC based on its progress on utilizing the current plan. Also, it has to do this during the first 10 days of each month.

Avacus replied,

We deeply apologize for the concern that we have caused to our users and related parties who have been patronizing us on a regular basis. There will be no service suspension due to this business improvement order.

Additionally, Avacus remarked that complying to all the above-mentioned will help it continue with its virtual currency exchange business.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.