Wednesday, January 24, 2018

Issue Number: 3291

Provisions on the Temporary Suspension and Postponement of Financial Transactions Updated

As one of the measures which is being aimed at the prevention of money-laundering and terrorism-financing activity, the Financial Transaction Reports and Analysis Centre (Pusat Pelaporan dan Analisis Transaksi Keuangan – “PPATK”) has issued Regulation No. 18 of 2017 on the Implementation of the Temporary Suspension and Postponement of Transactions by Financial Service Providers (“Regulation 18/2017”).   In essence, Regulation 18/2017 essentially authorizes the PPATK to request that Financial Service Providers (“FSPs”) temporarily suspend and/or postpone certain transactions and also addresses the following matters:   Grounds for temporary suspensions; Procedures for temporary suspensions; Objections to temporary suspensions; Postponements of transactions; and Transactions which may be suspended or postponed....
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