The number of a bank account used as illegal aim
June 13th, 2007 by 
admin
The Bank Account Illegal Use Prevention Law, which was enacted in December 3rd 2004, imposes the criminal sanction against it.[1] It was enforced on December 30, 2004.
1. The law prohibits the activity of getting a bank account named of other person under the aim of using it pretending him. The person who gives the bank account is punished if he knows the intention of pretending person. It also is prohibit if the assignment is without payment;
2. The law also prohibits the purchasing contract or turning over it with payment, if there is no transaction between seller and buyer or no reason for a buyer to get it;
3. The solicitation or temptation of above mentioned activity would be punished.
4. If above activity is executed on a business, the burden of sanction is getting heavier.
The Financial Services Agency gets the information regarding alleged illegal bank account from financial sectors and reports it publicly.
The accumulated number of information which reported to the agency from September 2003 to the end of March 2007 is 14,171, while it is 629 in this year (2007).[2]
Moreover, the financial institution stops for the depositor to use these account, and the number reaches 7,317, while 5,772 was cancelｌed compulsory.
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Posted in Financial Services | 