Supplemental Reference Guide for ISO20022 Payments Debiting in Japan

This guide outlines changes to the debiting of accounts in Japan based on ISO20022 standards, effective July 15, 2024. It details the transition from the current Book Transfer payment type to Foreign Remittance for customers making foreign currency remittances. The document provides specific instructions on how to select the appropriate payment type and outlines the input rules for the purpose of remittance and regulatory reporting. It emphasizes compliance with the Foreign Exchange and Foreign Trade Act of Japan (FEFTA), including the necessity for banks to confirm that transactions do not violate sanctions regulations. Additionally, it specifies the required information for beneficiary bank accounts and provides guidance for entering SWIFT BIC codes. The guide also categorizes remittance transactions, including trade-related and non-trade transactions, along with the corresponding regulatory reporting requirements. This comprehensive document serves as a vital reference for MUFG customers engaging in foreign remittance activities.