Regulatory Alerts2017-10-17
Bank Indonesia Regulation Number 19/10/PBI/2017 on Anti-Money Laundering and Prevention of Terrorism Financing for Non-Bank Payment and Money Changing Providers
Bank Indonesia issued Regulation Number 19/10/PBI/2017 to mandate Anti-Money Laundering and Prevention of Terrorism Financing (APU PPT) compliance for non-bank payment system and money changing service providers. The regulation requires these entities to implement risk-based management processes, including customer due diligence, enhanced identification and verification procedures, and robust internal controls overseen by the Board of Directors and Commissioners. It further stipulates specific obligations for reporting suspicious transactions, managing business group risks, and ensuring third-party cooperation aligns with these stringent financial crime prevention standards.
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