20% of accounts, just over 300(!) are in foreigners names? That doesn't seem to justify singling out 3m foreign residents like this. What are banks doing about the 80%, or 1200 accounts (still a trivial number) in Japanese names?Telebroker wrote: ↑Tue Nov 28, 2023 3:28 pm Here is the background story for why banks have become so cautious on the subject of foreigner held accounts and potential residence expirations:
Fraudsters in Japan use foreigners' bank accounts in cash grab: https://www3.nhk.or.jp/nhkworld/en/news ... ries/2860/
It's just easier to do this to non-Japanese customers. Japanese ones would not stand for it.
My main objection to this is how the forms are worded: Japanese -> no action required. Non-Japanese -> please submit all kinds of sensitive documents to prevent terrorism and money laundering
Surely it would be relatively easy to do a check on all customers to see if they are still living where they said they are (by sending something by post once a year).
