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    Business of Foreign Money Changer Had Been Appointed


    BANDUNG-Bank of Indonesia emphasizes that in April 7th 2017, it will be the limit time for money changer industry that worked on Foreign Currency Changing Not Bank (KUPVA BB). It happens to those industry which are not provided with operating license and or never proposing license to Bank of Indonesia.

    It is regulated in the Regulation of Bank of Indonesia (PBI) Number 18/20/PBI/2016 about the industry activity on Foreign Currency Changing Not Bank. If there is still KUPVA BB without license until April 7th 2017, then Bank of Indonesia will give them recommendation to stop their activities or canceling their business license.

    Bank of Indonesia keeps supporting and cooperating with Indonesian National Police (Polri), The Central of Reporting and Analysing Financial Transaction )PPATK), National Anti Narcotics Agency (BNN), also related institutions during disciplining operation if there will be indication of delincquency such as money loundry, budgeting drugs, and terrorism.

    The activities of KUPVA BB or money changer is related with business that focusing on the activity of changing money that has done with mechanism of selling and buying foreign money (UKA) and also buying traveler's cheque.

    Money changer is an alternative place to change foreign currency besides bank. The regulation of money changer has been appointed to maximize Bank of Indonesia's observation in order to develop the clean and efficient industry.

    After publishing PBI about money changer, Bank of Indonesia had introduced and given advice to businessmen to ask for license from them first. Furthermore, Bank of Indonesia urged to all money changer industry that had already had license to stop their cooperation with others that had not had license yet. BI would give sanctions to the parties which violate that regulation.

    "In the end of March 2017, there are 44 money changer without license propose for license from Bank of Indonesia," Juda Agung said, as the Head of Bank of Indonesia of West Java.

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