Indonesia steps up measures to curb terrorism financing
Providers of P2P lending, equity crowdfunding and other fintech services will have to report dubious transactions
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Financing is the most critical part of any terror group and militants have justified illegal acts like robbery as a means to raise funds, experts say. In other countries, there have been misuses of new payment methods for terrorism financing due to the lack of scrutiny when users set up their accounts. PHOTO: REUTERS
Linda Yulisman Indonesia Correspondent In Jakarta, Linda Yulisman
Indonesia will soon approve a regulation to stem money laundering and terrorism financing by requiring fintech players to report suspicious transactions.
Providers of peer-to-peer (P2P) lending, equity crowdfunding and other financial technology services will have to report such transactions to the Financial Transaction Reports and Analysis Centre (PPATK) under the new regulation, which amends one issued in 2015, its chief Dian Ediana Rae told The Straits Times.