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2010-03-30

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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Regulation

Sumber Data Legal Information Division, Department of Legal Affairs

3/30/2010 5:31 AM

Judul Circular Letter No.12/10/DPM concerning the Standard Guidelines on the Implementation of Anti-Money Laundering and Counter-Terrorism Financing Terrorism Program for Non-Bank Money Changer

Peraturan Bank Indonesia

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Regulation :

Circular Letter No.12/10/DPM concerning the Standard Guidelines on the Implementation of Anti-Money Laundering and Counter-Terrorism Financing Terrorism Program for Non-Bank Money Changer

Effective Date :

March 30, 2010

Summary :

This Circular Letter constitutes the codes of practice of Bank Indonesia Regulation No.12/3/PBI/2010 concerning the Implementation of Anti-Money Laundering and Counter-Terrorism Financing Program for Non-Bank Money Changer issued on March 1, 2010. Moreover, this Circular Letter also serves as reference to the minimum standards which must be met by Non-Bank Money Changer in preparing the Guidelines on the Implementation of Anti-Money Laundering and Counter-Terrorism Financing Program. The matters stipulated further in this Circular Letter include:

Management (responsibilities of the Board of Directors and active supervision of the Board of Commissioners on the implementation of Anti-Money Laundering and Counter-Terrorism Financing (APU and PPT) Program of Non-Bank Money Changer (PVA)); Policies and Procedures;

Implementation of Customer Due Diligence (CDD), Beneficial Owner, Implementation of Enhanced Due Diligence (EDD) and High-Risk Customers, Refusal to Conduct a Transaction, Updating Information and Documents, Documents Administration, Reporting to Indonesian Financial Transaction Reports and Analysis Centre (PPATK),

Internal control; and Human Resources and employee training

Non-Bank Money Changer (PVA) having the Implementing Guidelines on the Application of Know-Your-Customer Principles must adjust it to Policies on and Procedures for the Implementation of Anti-Money Laundering and Counter-Terrorism Financing Program and submit it to Bank Indonesia by no later than 12 (twelve) months upon the coming into effect of Bank Indonesia Regulation No.12/3/PBI/2010 dated March 1, 2010 concerning the Implementation of Anti-Money Laundering and Counter-Terrorism Financing Program of Non-Bank Money Changer The responsibilities of the management shall include the responsibilities of the Board of Directors and the active supervision of the Board of Commissioners on the implementation of Anti-Money Laundering and Counter-Terrorism Financing Program of Non-Bank Money Changer (PVA). In the event that Non-Bank Money Changer (PVA) requires employees to specifically deal with the implementation of Anti-Money Laundering and Counter-Terrorism Financing program, the Board of Directors may appoint employees for Non-Bank Money Changer (PVA) in the context of the implementation of Anti-Money Laundering and Counter-Terrorism Financing Program and directly report to the Board of Directors. The term Customer Due Diligence (CDD) shall be used as improvement of the term Know-Your-Customer Principles in identification, verification, and update of customer’s information. Beneficial owner shall be the owner of funds, who controls customer’s transactions, grants authority to conduct a transaction and/or control a transaction through the control of a legal entity or an agreement. The implementation of CDD to beneficial owner shall be conducted similarly to the implementation of CDD to customer. Enhanced Due Diligence shall constitute more profound CDD actions taken by Non-Bank Money Changer (PVA) when conducting a transaction and/or having business relations with Customer/Beneficial Owner classified as high-risk customer including Politically Exposed Person, against the possibility of money laundering and terrorism financing. Money Changer (PVA) must refuse to conduct a transaction with a customer in the event that the customer fails to provide the information requested in accordance with CDD and EDD provisions or known to use false identity. Non-Bank Money Changer (PVA) shall update the relevant information and documents related to Customer’s profile and Customer’s transaction profile based on the result of observation on Customer’s information and documents so that identification and observation on suspicious transactions can be conducted effectively. Non-Bank Money Changer (PVA) must properly administer the data or documents. The period of document administration shall be as follows:

documents related to Customer and Beneficial Owner’s information shall be administered by no less than 5 (five) years as from the end of the transaction with and/or provision of services to the Customer. Customer and Beneficial Owner’s documents related to periodical transactions regulated in the governing Act concerning corporate documents.

As mandated by Act Number 15 Year 2002 concerning the Criminal Act of Money Laundering as amended by Act Number 25 Year 2003, Non-Bank Money Changer (PVA) must submit reports to PPATK consisting of a Report on Suspicious Transaction and a Report on Cash Transaction. In the context of the implementation of APU and PPT program of Non-Bank Money Changer (PVA), Non-Bank Money Changer (PVA) is required to have and implement an internal control function so as to ensure that the implementation of Anti-Money Laundering and Counter-Terrorism Financing program has been in accordance with the stipulated policies and procedures. Non-Bank Money Changer (PVA) must provide knowledge and/or training on a continuous basis about the implementation of Anti-Money Laundering and Counter-Terrorism Financing program to all employees.

Lampiran Attachments

Lampiran 1 Circular Letter No.12/10/DPM

Lampiran 2 Appendix

Lampiran 3 FAQ - Circular Letter No.12/10/DPM

Lampiran 4

Lampiran 5

Lampiran 6

Lampiran 7

Lampiran 8

Lampiran 9

Lampiran 10

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Halaman ini terakhir diperbarui 1/27/2021 9:15 PM

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