Regulatory Alerts2013-06-27
Circular Letter of Bank Indonesia Number 15/23/DASP Concerning Provision of Funds Transfers
Bank Indonesia issued Circular Letter 15/23/DASP to implement Regulation Number 14/23/2012 by establishing detailed licensing procedures and operational requirements for Indonesia-incorporated non-bank enterprises providing funds transfer services. The document mandates that applicants obtain a license by submitting comprehensive documentation regarding financial standing, operational readiness, and integrity, while subjecting them to fit and proper tests and administrative checks. Furthermore, it regulates the provision of funds transfers by enforcing system security standards, restricting international and domestic cooperation to approved entities, and requiring strict reporting of business plans and branch office openings.
Share