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AML/CFT Legislation in Indonesia

AML/CFT Legislation in Indonesia

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Indonesia's AML/CTF supervisor​

Centre for Financial Transaction Reports and Analysis (PPATK)

Indonesia has a well developed anti-money laundering and counter-terrorism financing framework. A Financial Intelligence Unit and a system for reporting suspicious transactions have been established in the country.

The PPATK coordinates efforts in Indonesia to prevent and eliminate money laundering. PPATK It is a Financial Intelligence Unit (FIU) tasked with receiving and analysing financial transaction reports and reporting the findings to law enforcement.

Efficient Compliance in Indonesia

The money laundering concerns that Indonesia's banks and financial institutions face are approached on a risk-based basis. The FATF's AML policy emphasises risk-based AML, which entails assessing the risk posed by individual consumers and clients. Financial institutions that do not follow AML regulations risk having their licenses withdrawn and their shareholders blacklisted for a period of five years.

OJK Regulation No.12/POJK.01/2017 Concerning the Implementation of the Anti Money Laundering Program and Terrorism Funding Prevention in the Financial Service Sector is Indonesia's main anti-money laundering law. The law compels institutions to implement a variety of anti-money laundering and counter-terrorism financing procedures that meet OJK and FATF standards.

  • The regulatory compliance standards are intended to create a management system that enables the government to monitor firm performance and regulatory compliance.
  • Companies who do not follow regulatory compliance duties, on the other hand, will be fined.
  • The Anti-Money Laundering method is a complementary approach to the traditional approach of combating crime.
  • The ultimate goal of this technique is to ensure financial stability and integrity while also assisting law enforcement efforts to reduce crime rates.
  • To promote steps to prevent and eradicate money laundering through socialization, communication, and education of the public and stakeholders.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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