Regulatory Alerts2012-12-28
Standard Guidelines for Implementation of the Anti-Money Laundering and Prevention of Terrorism Financing Programme for Non-Bank Providers of Payment System Services
Bank Indonesia issued Circular Letter No. 14/38/DASP to establish standard guidelines for Anti-Money Laundering and Prevention of Terrorism Financing programmes for non-bank payment system providers. The regulation mandates that providers formulate and submit written policies and procedures to the central bank, ensuring alignment with minimum standards for customer due diligence, risk management, and internal controls. Additionally, providers are required to appoint specialist units or officers and submit specific reports, including suspicious transaction and cash transaction reports, to the Financial Transaction Reporting and Analysis Centre.
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