Transactions that cannot be accepted by WORLD CURRENCY SHOP
Our response to Foreign Currency Exchange Transactions in light of the economic sanctions against Russia.
However, due to Russia's recent invasion of Ukraine, the United States and Europe have imposed a series of strong economic sanctions against Russia and Belarus, and Japan has also been imposing and strengthening economic sanctions against Russia and Belarus since February 26, 2022.
In light of this situation, we are unable to handle transactions that fall under the following "Transactions we are unable to handle".
Customers conducting foreign currency exchange transactions (including the purchase of traveler's checks) are requested to make sure that the transaction does not fall under any of these categories before making a request.
Transactions we are unable to handle in light of economic sanctions against Russia (as of February 2023).
Transactions (all currencies) that fall under either 1 or 2 below.
- Transactions that fall under the ban on export of means of payment to Russia (notified by the Ministry of Finance on March 29, 2022)
- Transactions to be used as payment for trade with Russia, etc.
(Currency exchange transactions for payment of import transactions from Russia, foreign currency exchange transactions received as payment for export transactions to Russia, Currency exchange transactions for purchase of goods to be exported to Russia, etc.)
Our Policy on Foreign Currency Exchange Transactions in Light of U.S. OFAC Regulations, etc.
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury imposes measures such as trade bans and asset freezes on countries and regions designated by the United States and certain individuals and organizations for foreign policy and national security purposes, and such regulations are called OFAC regulations.
OFAC regulations apply to U.S. persons and U.S. corporations, including U.S. financial institutions, as well as foreign persons and foreign corporations located in the U.S. Mainly, transactions with a U.S. contact point, such as those denominated in U.S. dollars that are settled in the U.S., are subject to OFAC regulations. Even for foreign currency exchange transactions accepted in Japan, transactions in U.S. dollars involving "sanctioned persons" are subject to OFAC regulations, and in such cases, not only the transaction in question but also subsequent transactions may be hindered, such as being restricted by foreign banks.
Under some sanctions programs, such as Russia and Iran sanctions, Foreign Financial Institutions (including banks located in Japan), non-U.S. companies (Japanese companies, etc.), and individuals who have no contact with the U.S. may be prohibited from accessing the U.S. foreign currency exchange market, importing goods (into the U.S.), and trading property in the U.S. as part of secondary sanctions. As part of secondary sanctions, you may be prohibited from accessing the U.S. foreign exchange market, restricted from importing goods (into the U.S.), or prohibited from trading in goods (property) in the U.S., and may be designated as a "sanctioned person". In order to protect not only our company but also our customers from the risk of such sanctions, we may conduct a thorough investigation not only at the time the transaction is handled, but also after the fact, and investigate related parties (subsidiaries, affiliates, etc.) over which our customers have capital or control.
It is our policy not to handle transactions, in principle or in any currency, involving or related to countries subject to comprehensive sanctions (Iran, North Korea, Cuba, Crimea, Donetsk People's Republic (self-proclaimed), Luhansk People's Republic (self-proclaimed)), whether directly or indirectly.
We will comply with the laws and spirit of the applicable local economic sanctions laws in all regions in which we operate. We prohibit any attempt to circumvent or evade sanctions. Customers conducting foreign currency exchange transactions (including the purchase of traveler's checks) are requested to make sure that their transactions do not fall under any of these categories before making a request.
Transactions that we cannot accept based on economic sanctions regulations including OFAC regulations.（*1） (as of September 2025)
Transactions ﴾all currencies﴿ that fall under any of the following 1 through 4.
- Transactions in which the location, countries concerned, places concerned, etc. of the direct or indirect party to the transaction（*2） include North Korea, Iran, Cuba, Crimea region, Donetsk People's Republic (self-proclaimed), Luhansk People's Republic (self-proclaimed).
- Transactions directly or indirectly involving the governments of countries subject to comprehensive sanctions (North Korea, Iran, Cuba, Venezuela) or their officials or employees.
- Transactions with individuals or companies that fall under any of the following.
Individuals who reside or are physically located in a Comprehensive Sanctioned Country or Territory.
Companies with an address or headquarters in a Comprehensive Sanctions-imposed country or territory. - Transactions directly or indirectly involving sanctioned parties（*3）such as terrorists, the Taliban, drug traffickers, traffickers of weapons of mass destruction, transnational criminal organizations
(*1)Economic sanctions regulations include those under the jurisdiction of the Japanese Ministry of Finance, the United Nations, the United Kingdom government, and the European Union government authorities.
(*2)Parties to a transaction include the customer conducting the exchange transaction, the recipient of the exchanged funds, the importer, exporter, consignee, banks, shipping companies, airlines, carriers, aircraft, unloaders/loaders, terminal and pier owners/operators (operating companies), etc. involved in the transaction. The relevant place of destination, place of origin, place of loading, place of unloading, place of destination, ship's registry, etc.
(*3)Sanctioned persons include the governments of North Korea, Iran, Cuba, Crimea, Donetsk People's Republic (self-proclaimed), Luhansk People's Republic (self-proclaimed), Venezuelan government and state-owned enterprise, Belarus sanctioned parties ,Myanmar sanctions target (including military and defense related companies and state-owned enterprise) and Russia, as well as individuals, corporations, organizations, ships, and persons owned or controlled by them that are subject to sanctions, assets freeze, prohibited transactions, etc. or controlled by such persons, corporations, organizations, vessels, or entities.
If, after receiving the transaction, there is a possibility that the transaction may fall under economic sanctions regulations (including OFAC), we will confirm the details of the transaction and, depending on the results, we may request that the transaction be cancelled or that further transactions be rejected, depending on the results of the review.
In the event of assets freeze due to OFAC regulations, we will not be able to return funds deposited as payment in lieu of a transaction. In such cases, please be advised that you will be required to take appropriate action, such as applying to OFAC for the unfreezing of your funds. The above is only an example. Please refer to the OFAC website for details on OFAC regulations.
http://www.treasury.gov/resource-center/sanctions/Pages/default.aspx
Regulations on Payments Based on the Foreign Exchange and Foreign Trade Act of Japan.
In order to ensure the implementation of economic sanctions under the Foreign Exchange and Foreign Trade Act of Japan (hereinafter, FEFTA), pursuant to Article 17 of FEFTA, We have a duty to confirm that the customer’s currency exchange transactions do not fall under a transaction restricted under the following regulations including but not limited to:
“Regulations on trade-related payment”, “Regulations on the purpose of use of funds”, “Regulations on payment ban”, “Regulations on foreign direct investment”, and “Regulations on service transactions”.
We appreciate your understanding and cooperation.
●Please declare the purpose of exchange.
Please confirm and declare that the transaction does not fall under a transaction related to sanctions regulations under the FEFTA.
●Please confirm the counterparty to the transaction.
To the best of your knowledge, please confirm the followings.
1. The transaction (1) does not directly or indirectly involve sanctioned parties designated under the FEFTA, such as Taliban, Terrorists, Proliferation Finance (parties involved in nuclear development, ballistic missiles or weapons of mass destruction by North Korea, and nuclear development etc., or large conventional weapons etc. activities by Iran), or parties involved in measures against Russia and Belarus (2) is not substantially controlled by sanctioned parties, and/or (3) are not conducted on behalf of sanctioned parties in the name of someone other than the sanctioned party (impersonation).
2.The final recipient of the funds does not reside in North Korea, and the principal shareholders and board of directors of the counterparties are not corporations/individuals residing in North Korea.
3.The final recipient of the funds or any other related parties do not involve the entities (excluding organizations with principal offices in Japan) where 50% or more of the total number of shares or the total amount of equity investment is directly owned by or effectively controlled by designated sanctioned parties under Russia and Belarus regulations.
We may ask you to present documents that can confirm the details of your transaction.
When accepting a transaction at the counter, you may be asked to present materials related to the transaction to confirm the details of the transaction by documents. Please note that we may have to decline your transaction if we cannot confirm that the transaction does not fall under the "Restrictions on Trade-related Payments," "Restrictions on Use of Funds," "Prohibition of Payments to Residents of North Korea," "Restrictions on Foreign Direct Investment," or "Restrictions on Service Transactions”.
We ask for your understanding in advance.
Please check the latest regulations issued on the Ministry of Finance Japan (hereinafter, JMOF) Notification or JMOF website.
In response to Russia's actions against Ukraine, various restrictions under the FEFTA are imposed continually. Therefore, we kindly ask you to check the latest regulations on JMOF website (*) before submitting the above declaration. Additionally, on August 27, 2025, Japan, the United States, and the Republic of Korea issued a“Joint Statement on North Korean Information Technology Workers.” Consequenly, the joint alert regarding North Korean IT workers, initially issued on March 26, 2024, by the Ministry of Finance and other relevant ministries in Japan, has been updated. Should we receive requests for payments or other transactions linked to companies suspected of being associated with North Korean IT workers, we will need to verify the details and may also refuse to process such transactions. For more information, please check the website of the relevant ministries below.
(*) JMOF website, Latest Russian and Belarusian Regulations (Japanese only)
トップページ > 財務省の政策 > 国際政策 > 外為法関係・為替政策 > 外国為替及び外国貿易法（外為法）の概要 > ウクライナ関連情報
JMOF website, Economic Sanctions and Designated parties (Japanese only)
> トップページ > 財務省の政策 > 国際政策 > 外為法関係・為替政策 > 外国為替及び外国貿易法（外為法）の概要 > 経済制裁措置及び許可手続 > 経済制裁措置及び対象者リスト
JMOF website, “Alert regarding North Korean IT workers” (March 26, 2024) (Japanese only)
「北朝鮮IT労働者に関する企業等に対する注意喚起」の公表（令和6年3月26日）
JMOF website, “Joint Statement on North Korean IT Workers” and “Alert regarding North Korean IT Workers” (August 27, 2025 ) (Japanese only)
日米韓「北朝鮮IT労働者に関する共同声明」及び「北朝鮮IT労働者に関する企業等に対する注意喚起」の公表（令和7年8月27日）
Regulations on Payment Based on FEFTA (Excerpt)
- “Regulations on trade-related payment” concerning North Korea
・Transactions pertaining to import or intermediary trade of all goods of which the place of origin or the region of shipment is North Korea (Effective October 14, 2006)
・Transactions pertaining to intermediary trade of goods of which the place of destination is North Korea (Effective June 18, 2009) - “Regulations on the purpose of use of funds” concerning North Korea
・Transactions conducted for the purpose of contributing to “activities that can contribute to North Korea’s nuclear-related plan, etc.” (Effective July 7, 2009) - “Regulations on payment ban” against North Korea
・Payment to individual or corporation who is domiciled in North Korea is generally prohibited unless it is for humanitarian purpose and its amount does not exceed 100,000 yen (Effective February 26, 2016) - “Regulations on the purpose of use of funds” concerning Iran
・Transactions conducted for the purpose of contributing to “activities related to Iran’s nuclear activities, etc.” (Effective January 22, 2016) (Updated September 28, 2025)
・Transactions conducted for the purpose of contributing to “activities related to the supply, etc. of large conventional weapons, etc. to Iran” (Effective September 28, 2025) - “Regulations on Foreign Direct Investment(*)” concerning Russia
・New foreign direct investment to the Russian Federation (Effective May 12, 2022)
・Payment of funds for business activities conducted in the Russian Federation and/or payment of funds for business activities conducted outside the Russian Federation in which Russian companies, etc., are involved (Effective May 12, 2022)
(*)Including acquisition of 10% or more of shares or investment in a foreign corporation, or loans with a term exceeding one year to a foreign corporation that one holds 10% or more of shares or investment (including amendments such as increase of amount) - “Regulations on Service Transactions” concerning Russia and Belarus
・Prohibition of service transactions (provision of technology, etc.) with respect to regulated transactions concerning Russia or Belarus (Sequentially effective from March 8, 2022) - “Regulations on Capital Transactions” concerning Russia
・Prohibition of transactions related to the issuance of claims etc., in respect to loan contracts and guarantee contracts for debts, related to the purchase of maritime transported Russian crude oil, etc., which are traded at prices above the price cap (Effective crude oil: December 5, 2022, petroleum products: February 6, 2023)
(Reference)
Regulations on Payments Based on the Foreign Exchange and Foreign Trade Act of Japan | MUFG Bank
(As of September 2025)