New Regulation for Money Changers

Bank Indonesia (BI) has issued Regulation No. 16/15/PBI/2014 on Non-Bank Foreign Currency Business (“Regulation”) to stabilize the value of the rupiah against foreign currencies and prevent money changers from being involved in unlawful acts i.e., money laundering and funding terrorism.[1]

The Regulation is a guideline for non-bank money changers (“money changers”) in carrying out their business activities. The same matter was previously regulated under BI Regulation No. 12/22/PBI/2010 on Money Changers (“2010 Regulation”), which applied to banks and non-bank money changers.