Japan Eyes 300,000-Yen Limit on Daily ATM Use for Elderly

Tokyo, March 25 (Jiji Press)--Japan’s National Police Agency is considering setting a ceiling of 300,000 yen per day on the amount of money elderly people can withdraw or send from automated teller machines, it was learned Tuesday.

The agency has consulted with the Japanese Bankers Association to revise the enforcement regulations of the criminal proceeds transfer prevention law in response to the increasing number of special fraud cases targeting the elderly.

Currently, banks voluntarily set the upper limit on cash withdrawals from ATMs at 500,000 yen per day, with no legal regulations.

According to provisional data from the NPA, the amount of money stolen in special fraud cases soared to a record high of 72.15 billion yen last year. The number of people aged 75 or older who were duped by such swindles was 9,415, accounting for some 45 pct of the total victims.

The NPA is considering setting a daily limit of 300,000 yen for both cash withdrawals and transfers, in consideration of the amount of pension benefit payments. The envisaged limit is expected to be applied to people 75 or older, taking into account burdens on financial institutions and potential inconvenience to users.

[Copyright The Jiji Press, Ltd.]