Regulatory Alerts2021-05-25
Bank Indonesia Regulation Number 23/5/PBI/2021 On Monitoring System For Transactions On Foreign Currencies Against Rupiah
Bank Indonesia issues Regulation Number 23/5/PBI/2021 to mandate the implementation of SISMONTAVAR, a real-time monitoring system for foreign currency transactions against the rupiah. The regulation requires banks to connect their dealing systems to SISMONTAVAR for interbank transactions and for customer transactions exceeding specific USD thresholds, subject to administrative sanctions for non-compliance. Banks must submit implementation action plans by July 2, 2021, and fully comply with the connection obligations by January 31, 2022, while the previous 2010 regulation is repealed.
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