JPN FSA proposed revising Comprehensive guidelines for supervision of major banks.
In addition, Comprehensive guidelines for supervision of regional financial institutions.
Outline of Revisions
Banks should develop a system necessary for proper operation of safe deposit boxes.
Including procedures/regulations for access to safe deposit boxes, storage methods of important items like spare keys, periodic inspections on safe deposit box management.
Prevent fraud by bank employees and money laundering, by verification at the time of transaction, retaining transaction records, and reporting suspicious transactions.
Reviewing terms and conditions of safe deposit services, the purpose of their use, an internal management system like the presence of bank employees at the time of use.
Should disclose cases of stealing/embezzling customer assets from safe deposit boxes.
