Regulatory Alerts2009-04-13
Bank Indonesia Regulation Number 11/12/PBI/2009 Concerning Electronic Money
Bank Indonesia issued Regulation Number 11/12/PBI/2009 to comprehensively regulate electronic money, defining it as prepaid value stored electronically and usable for payments. The regulation mandates that banks and non-bank institutions obtain specific licenses from Bank Indonesia to operate as principals, issuers, acquirers, or clearing operators. It establishes strict requirements for risk management, technological security, and the use of Rupiah currency while outlining supervisory powers and sanctions for non-compliance.
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