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    Bank Indonesia of West Java will Control Unlicensed KUVPA BB


    BANDUNG - Head of Bank Indonesia (BI) of West Java, Ismet Inono said that BI will control and manage unlicensed Non-bank Money Changers (KUVPA BB).

    Bank Indonesia, said Ismet, imposes transition period until the seventh of April 2017 to any unlicenced non-bank money changers that conduct the transactional activities. They are instructed to immediately apply for a license to Bank Indonesia.

    "After the end of the transition period later, according to the article 38 section 3 PBI No.18/20/PBI 2016, Bank Indonesia is allowed to send written warning or to recommend the authorities to stop the business activity," he explained.

    Ismet further informed that BI itself will cooperate with the National Police (POLRI), the Financial Transaction Reports and Analysis Centre (PPATK) and the National Narcotics Agency (BNN) to manage the unlicensed Non-bank Money Changers (KUVPA BB), especially if there is an indication of money laundering.

    "BI and those intitutions will take control of the unlicensed Non-bank Money Changers (KUVPA BB)," he said. (MAT)

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