Regulatory Alerts2010-03-01
Added · Updated
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.