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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