BI Redefines Provisions on Non-Bank Money Changers

In a bid to realize healthier and more efficient foreign-currency exchange activities, as undertaken by non-bank businesses, Bank Indonesia (“BI”) has issued Regulation No.  18/20/PBI/2016 on Non-Bank Foreign-Currency Exchange Businesses (“Regulation 18/2016”).[1]
 
With this ultimate goal in mind, Regulation 18/2016 updates the guidelines which should be followed by non-bank money changers (“Money Changer”) when carrying out their various business activities. This area was previously regulated under BI Regulation No. 16/15/PBI/2014, which covered the same matters (“Regulation 16/2014”).[2] The updated guidelines mainly encompass the following matters: