Regulatory Alerts2012-12-28
Bank Indonesia Regulation No. 14/27/PBI/2012 on Anti-Money Laundering and Combating the Financing of Terrorism for Commercial Banks
Bank Indonesia issued Regulation No. 14/27/PBI/2012 to harmonize commercial bank anti-money laundering and counter-terrorism financing programs with international standards and FATF recommendations. The regulation mandates active supervision by the Board of Directors and Commissioners, requiring comprehensive written policies, effective internal controls, and robust management information systems for transaction monitoring. It further enforces strict human resource screening, ongoing training, and specific reporting obligations, backed by administrative sanctions for non-compliance.
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