New APU, PPT and PPSPM Financial Sector Obligations: Non-Compliance May Now Lead to Fines of up to 10% of Paid-up Capital

In 2017, Bank Indonesia (“ BI ”) introduced Regulation No. 19/10/PBI/2017 on the Application of Anti-Money-Laundering (Anti Pencucian Uang– “ APU ”) and Prevention of Terrorism Financing (Pencegahan Pendanaan Terorisme– “ PPT ”) Measures by Organizers Other Than Banks and Non-Bank Foreign Exchange Business Organizers (“ Regulation 10/2017 ”). However, in an effort to ensure that the applicable APU and PPT measures, as well as measures aimed at preventing the Proliferation of Weapons of Mass Destruction (Pencegahan Pendanaan Proliferasi Senjata Pemusnah Massal– “ PPSPM ”), are in line with current requirements, BI has now decided to issue Regulation No. 10 of 2024 , which bears a similar title to Regulation 10/2017 (“ Regulation 10/2024 ”) and which has been in force since 31 December 2024. [1]