Regulatory Alerts2010-03-30
Circular Letter No.12/10/DPM on Standard Guidelines for Anti-Money Laundering and Counter-Terrorism Financing for Non-Bank Money Changers
Bank Indonesia issued Circular Letter No.12/10/DPM to establish standard guidelines for Non-Bank Money Changers implementing Anti-Money Laundering and Counter-Terrorism Financing programs. The regulation mandates specific management responsibilities, customer due diligence procedures, internal controls, and employee training while requiring the submission of updated implementation guidelines within twelve months. It further stipulates strict document retention periods and mandatory reporting of suspicious and cash transactions to the Indonesian Financial Transaction Reports and Analysis Centre.
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