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 credit, including deposits, etc., and to distribute to the victims damage recovery benefits. This facilitates their prompt recovery from any financial damage caused by fraud using bank accounts and so-called black-market financing, etc. In FY 2010 a total amount of approximately 1,503.87 million yen was paid to victims by financial institutions for their recovery from the damage they suffered (Source: Deposit Insurance Corporation of Japan).