Indonesia will soon approve a regulation to stem money laundering and terrorism financing by requiring more financial technology companies to report suspicious transactions, the head of its financial intelligence agency has said.
Providers of peer-to-peer (P2P) lending, equity crowdfunding, and other financial technology services will have to report transactions to the Financial Transaction Reports and Analysis Centre (PPATK) under the new regulation, chief Dian Ediana Rae told The Straits Times.
“The amended regulation is waiting for signing by the president,” he said. “Hopefully, it will be issued in the near future.”
At present only e-wallets are obliged to report their transactions to PPATK
Dr Dian said there had been misuses of these new payment methods for terrorism financing owing to lack of scrutiny when users set up their accounts.
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