In this article, after surveying existing Japanese public laws that regulate the transfer of funds via the Internet, and focusing on electronic money in particular, I would like to discuss how these existing regulations may apply to new electronic payment methods that may not have been accounted for when these regulations were established, whether the regulations are sufficient to both provide convenience to the user and protect their safety, and whether these regulations are desirable as business conditions for developing electronic money. Through these discussions, I would like to develop certain objectives which should be taken into account when developing regulations in Japan on the transfer of funds via the Internet. Also, this article discusses anti-money laundering regulations applicable to transfers of funds on the Internet, focusing on electronic money, and will examine how Japanese money laundering regulations may apply to cross-border transfers of funds using overseas electronic money services. Through this examination, the article will attempt to suggest desirable money laundering regulations on domestic electronic money in the near future. Furthermore, this article discusses real money trade and point-rewarded programs in view of function of payment or transferring funds electronically in extended research sections, and closes by predicting future research directions.
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Pauline C. Reich
Evelyn Lim Meow Hoong
Jibitesh Mishra, Biswajit Tripathy