Regulatory Alerts2009-07-01
Bank Indonesia Regulation 11/28/PBI/2009 on Anti Money Laundering and Combating Financing of Terrorism for Commercial Banks
Bank Indonesia issued Regulation Number 11/28/PBI/2009 to mandate that commercial banks implement comprehensive Anti Money Laundering and Combating the Financing of Terrorism programs. The regulation requires banks to integrate these programs into their risk management frameworks, establishing active supervision by the Board of Directors and Commissioners alongside dedicated compliance units. It further stipulates strict Customer Due Diligence procedures, including identity verification, beneficial owner identification, and risk-based customer classification to mitigate financial crime risks.
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