Japanese banks set to ban storage of cash in safe-deposit boxes
Japan's main bank industry group is urging its members to prevent customers from keeping cash and other high-risk items in safe-deposit boxes, following a series of thefts by employees.
The Japanese Bankers Association (JBA) has revised its sample agreement to explicitly prohibit the storage of cash in safe-deposit boxes, it said on Thursday. Banks use the document as a model for their contracts with clients who use the service.
In recent months, incidents came to light in which workers at major lenders allegedly stole client valuables held in such boxes. That prompted regulators and banks to look more closely at the service, including the potential for it to be used for illicit activities.
JBA Chairman Junichi Hanzawa said cash kept in the facilities is at high risk of money laundering and other criminal use.
Mitsubishi UFJ Financial Group last year fired an employee who was accused of stealing millions of dollars from the safe-deposit boxes of dozens of customers. Despite the theft, Japan's biggest bank has said it plans to retain the service.
Mizuho Financial Group reported a similar incident in February.
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