3 Damage recovery benefit system

The Act on Damage Recovery Benefit Distributed from Fund in Bank Accounts Used for Crimes (Act No. 133 of 2007) aims to pay damage recovery benefits to the victims of crimes such as fraud involving bank account transfers, etc. It provides a procedure to nullify the perpetrator’s deposits, etc., and to distribute damage recovery benefits to the victims. This facilitates their prompt recovery from any financial damage resulting from billing fraud and so-called black-market financing, etc. In FY 2011 a total amount of approximately 1,111 million yen was paid to victims by financial institutions to recover from the damages they suffered (Source: Deposit Insurance Corporation of Japan).