Anti-Money-Laundering and Prevention-of-Terrorism-Financing Programs (APU-PPT) within the Financial Services Sector Strengthened

In bid to bring the financial services sector into line with a number of recommendations which have been made by the Financial Action Task Force (“FATF”) in relation to the anti-money-laundering and prevention-of-terrorism-financing (Anti Pencucian Uang dan Pencegahan Pendanaan Terorisme – “APU-PPT”) initiatives which are being implemented by the Financial Services Authority (“OJK”), Regulation No. 12/POJK.01/2017 on the Implementation of Anti-Money-Laundering and Prevention-of-Terrorism-Financing Programs within the Financial-Services Sector (“Regulation 12/2017”) has now been updated and amended through the issuance of Regulation No. 23/POJK.01/2019 (“Amendment”).[1]