IMPORTANT NOTICE – “RESTRICTION ON PAYMENTS”
In accordance with the Foreign Exchange and Foreign Trade Act of Japan (in compliance with the United Nations Security Council Resolution 1874), all banks need to confirm that all financial transactions do not have any relation to “Restrictions on Payment” such as the nuclear development of North Korea.
In compliance with the aforementioned law, Metrobank needs confirmation that all transactions do not have any relation to “Restrictions on Payment” particularly under the following circumstances:
- When the remittance purpose is “OTHERS” (as declared on the application form at the time of registration-with detailed information as declared by the Remitter)
- When the remittance purpose is “Payment for Import Goods” (the bank will also confirm that the place of origin and shipping port is not North Korea)
In the abovementioned instances, Remitters are required to contact Metrobank to declare that the financial transaction does not have any “Restrictions on Payment”.
Moreover, Metrobank needs to verify the purpose of the remittance at the time of application and Metrobank shall practice due diligence by checking the remittance purpose of all fund transfers amounting to 500,000 yen or higher (or its equivalent in other currencies). In this regard, we will need to document the declared purpose of your remittance and other information that the bank may require in order to process your transaction.
We highly appreciate your understanding and cooperation regarding this matter. Should you have any queries regarding this matter, please do not hesitate to contact us.