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2010-03-01

Regulation of Bank Indonesia No.12/3/PBI/2010 on Anti-Money Laundering and Prevention of Terrorism Financing for Non-Bank Foreign Exchange Traders

Bank Indonesia issued Regulation No. 12/3/PBI/2010 to mandate Non-Bank Foreign Exchange Traders to implement comprehensive Anti-Money Laundering and Prevention of Terrorism Financing programs aligned with FATF standards. The regulation requires these entities to enforce strict Customer Due Diligence, Enhanced Due Diligence for high-risk transactions, and robust internal controls including board supervision and reporting to PPATK. Non-compliant entities face sanctions after a 12-month transition period, during which they must adjust their operational guidelines to meet the new regulatory requirements.

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Sumber Data Legal Information Team, Directorate of Legal Affairs

3/1/2010 5:56 AM

Judul Regulation of Bank Indonesia No.12/ 3 /PBI/2010 - Application of Anti-Money Laundering and Prevention of Terrorism Financing for Non-Bank Foreign Exchange Traders

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Regulation :

Regulation of Bank Indonesia No.12/ 3 /PBI/2010 - Application of Anti-Money Laundering and Prevention of Terrorism Financing for Non-Bank Foreign Exchange Traders

Effective date :

March 1, 2010 I. Background of the Regulation

In the context of supporting the efforts for preventing criminal act of money laundering and terrorism financing, it is deemed necessary to adjust the current provisions of Bank Indonesia concerning the Application of Know Your Customer Principles applied to Non-Bank Foreign Exchange Traders by referring to the standard issued by the Financial Action Task Force on Money Laundering (FATF), or known as the 40+9 Recommendation of FATF. II. Basic Principles of Regulation

The new Basic Principles of Regulation of this Bank Indonesia Regulation are as follows:

The Application of the Programs (Anti-Money Laundering and Prevention of Terrorism Financing) to Non-Bank Foreign Exchange Traders which include:

Responsibility and supervision of the Board of Commissioners and Board of Directors;

Policies and Procedures for Anti-Money Laundering and Prevention of Terrorism Financing (APU and PPT);

Implementation of Customer Due Diligence (CDD);

Beneficial Owner

Implementation of Enhanced Due Diligence (EDD);

Rejection of transaction;

Updating of information and documents;

Administration of documents;

Reporting to the Indonesian Financial Transaction Reports And Analysis Center (PPATK)

Internal control; and

Human Resources.

The use of Customer Due Diligence (CDD) term as the improvement of Know Your Customer Principles term in the identification, verification and updating of the clients’ information.

Non-Bank Foreign Exchange Traders shall be obligated to implement DDA when:

conducting transaction with and/or providing services to the Clients and/or Beneficial Owners; or

there is doubt about the accuracy of the information submitted by the Clients and/or Beneficial Owner.

The measures that must be taken by Non-Bank Foreign Exchange Traders when performing CDD to the Clients and/or Beneficial Owners are, among other things:

inquiring Clients’ information and verifying it with supporting documents containing the information on Clients; and

obtaining information that the Clients conducting the transaction and/or providing services are acting on their own behalf or for and on behalf of the Beneficial Owner.

applying CDD procedures to Beneficial Owners which is equally strict to the procedures to Clients representing Beneficial Owners and requiring information concerning the relationship between the Clients and the Beneficial Owner.

Regulation of the prevention of Terrorism Financing shall be implemented by, among other things, requiring Non-Bank Foreign Exchange Traders to inquire further information from the Clients and/or Beneficial Owner.

Non-Bank Foreign Exchange Traders shall implement EDD process in the event of:

conducting transactions classified into risky category with/and or providing services to the Clients and Beneficial Owners, including Politically Exposed Persons (PEP); and/or

there are alleged unusual transactions related to money laundering and/or Terrorism Financing.

This Bank Indonesia Regulation shall come into effect as of its stipulation date. However, transition period shall be provided for Non-Bank Foreign Exchange Traders, namely:

the transition period for the adjustment to the Implementation Guideline of Anti-Money Laundering and Prevention of Terrorism Financing Programs shall be 12 (twelve) months as of the application hereof.

sanctions shall be put into effect in 12 (twelve) months as of the application hereof

Lampiran Attachments

Lampiran 1 Regulation of Bank Indonesia No.12/ 3 /PBI/2010

Lampiran 2 FAQ - Regulation of Bank Indonesia No.12/ 3 /PBI/2010

Lampiran 3

Lampiran 4

Lampiran 5

Lampiran 6

Lampiran 7

Lampiran 8

Lampiran 9

Lampiran 10

Kontak Contact

Kontak Legal Information Team, Ph. : (021) 2310108 ext : 8737, 7890, 7993, 4838

Halaman ini terakhir diperbarui 1/27/2021 9:14 PM

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