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Mizuho Bank faces FSA rebuke for transacting illegal remittances

Japan financial authority wants group to set up system to prevent recurrence

Japan's Mizuho Financial Group is expected to be issued with a business improvement order by the FSA.   © Reuters

TOKYO -- Japan's Financial Services Agency will issue a "business improvement order" to Mizuho Bank and its parent company Mizuho Financial Group as a slap on their wrists for transacting illegal remittances, Nikkei has learned.

The order will be issued within November. Mizuho Bank was embroiled in eight system failures this year that caused massive problems for its private and corporate clients. FSA also found that Mizuho had violated rules around money laundering.

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