Indonesia’s AML/CTF supervisors
Indonesia has a strong anti-money laundering and counter-terrorism system. The country has a Financial Intelligence Unit and suspicious transaction reporting mechanism.
PPATK oversees anti-money-laundering measures in Indonesia. It's a Financial Intelligence Unit (FIU) that analyses financial transaction information for law enforcement.
How do you comply with AML/CTF regulations in Indonesia?
Money laundering regulation in Indonesia is risk-based. The FATF's AML policy emphasises risk-based AML, which assesses customer risk. Non-compliant financial institutions risk having their licences revoked and their stockholders blacklisted for 5 years.
Indonesia's major anti-money laundering law is OJK Regulation No.12/POJK.01/2017 Concerning Anti-Money Laundering Program and Terrorism Funding Prevention in the Financial Service Sector. The law requires institutions to implement OJK and FATF-compliant anti-money laundering and counter terrorism financing measures.
The regulatory compliance standards offer a management framework to oversee corporate performance and compliance and companies that don't follow regulations are penalised. This strategy helps law enforcement in reducing financial crime while maintaining financial stability and integrity. Money laundering prevention is improved by socialisation, communication, and education.