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No. 19/ 70 /DKom
Bank Indonesia strengthens provisions for anti-money laundering and counter-terrorism financing. Such strengthening is conducted through the issuance of Bank Indonesia Regulation Number 19/10/PBI/2017 on Application of Anti-Money Laundering and Counter-Terrorism Financing for Non-Bank Payment System Service Providers and Money Changers. Under the new regulation, integration has been made on the applied rules for Money Changers and Non-Bank Payment System Service Providers. The new regulation has also been harmonized with the government's efforts to combat money laundering and terrorism financing as well as with the recommendation and guidelines provided by the Financial Action Task Force on Money Laundering (FATF).
The regulation is improved in order to respond to different challenges in supporting Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF), which emerges among others from the advancement of information system technology. With different innovations in payment system and foreign currency exchange activities, the products, services, transactions, and business models in payment system and foreign currency exchange activities become more complex. It may potentially increase the risks of money laundering and terrorism financing. The BI regulation is expected to help respond to the challenges faced pertaining to AML and CTF.
This regulation applies to Money Changers and Non-Bank Payment System Service Providers, which among others are Money Remittance Service Providers and Issuers of Payment Cards. Through this regulation, Bank Indonesia may also determine that other parties, who conduct activities in payment system or foreign currency exchange, such as financial technology companies, must apply AML and CTF. In applying AML and CTF, providers must apply risk-based approach, among others by observing risk factors pertaining to service users, countries or geographical regions, products or services, and transaction paths or networks. The risk-based approach will also be applied by Bank Indonesia in conducting surveillance of AML and CTF application by the providers.
To support the regulations issued by the government, primarily Law No. 9 of 2013 on Prevention and Eradication of Terrorism Financing, the BI regulation also reaffirms the handling of List of Suspected Terrorists and Terrrorist Organizations as well as List of Weapons of Mass Destruction Proliferation Financing; for example, implementation of freeze without delay.
To increase caution, development of any new products and technology by a provider must first go through an assessment of money laundering and terrorism financing risks. Use of technology in Customer Due Diligence (CDD) is allowed provided that it has been equipped with effective policy on and procedure for risk control. Further, Simplified CDD may be conducted against service users under a low-risk category, which among others aims to support the government's program of financial inclusion, public welfare improvement, and poverty alleviation.
This BI regulation is strengthened by allowing sanctions imposed not only on the providers but also on the directors, commissioners, executives, and shareholders who are proven to breach the regulation. Further, to ensure that all provisions of this BI regulation may be properly implemented, Bank Indonesia will conduct dissemination to the providers and the general public on the importance of AML and CTF application, and will continue intensive cooperation and coordination with the relevant authority, such as the Indonesian Financial Transaction Reports and Analysis Center (INTRAC).
Jakarta, 13 September 2017
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