Regulatory Alerts2024-10-10
Regulation of Member of Board of Governors Number 14 of 2024 on the Second Amendment to Regulation Number 22/20/PADG/2020 on Settlement for Bilateral Transactions between Indonesia and Japan Using Rupiah and Yen
Bank Indonesia issued Regulation Number 14 of 2024 to amend the regulatory framework governing bilateral transaction settlements between Indonesia and Japan using Rupiah and Yen. The regulation updates the criteria for appointing Authorized Correspondent Currency Dealer (ACCD) Banks to include size, interconnectedness, and complexity, while introducing flexibility in account opening mechanisms for SNA and Sub-SNA accounts. It also establishes procedures for the termination of ACCD Bank appointments, mandates coordination with Japanese authorities for evaluations, and clarifies reporting requirements to enhance the efficiency of local currency settlement systems.
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