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Indonesia Fintech Regulatory Updates - Sep 2017

September 20, 2017

 

 

Bank Indonesia releases fintech regulation to curb money laundering

 

A new regulation No. 19/2017, aims to curb money laundering and terrorism-funding activities related to non-bank entities offering payment systems. It will be fully imposed in six months, and requires non-bank payment system operators to implement prevention measures against money laundering and terrorism funding. Banks are to report suspicious activity or irregular transactions. There is also a requirement to “freeze without delay” such suspicious accounts with the aid of the police.

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