Bank Indonesia Kepri successfully conducted the 2023 Annual Meeting for Foreign Exchange Service Cooperatives (KUPVA) and Remittance Services, focusing on economic stability and crime prevention in the region.
The meeting addressed critical issues such as money laundering, terror funding, and political finance crimes, emphasizing the importance of meticulous management of non-bank foreign exchange and remittance services.
Suryono, the Head of BI Kepri, stressed the need for rigorous transaction monitoring, especially those involving large amounts, to prevent financial crimes.
The conference gathered 115 Foreign Exchange Service Cooperatives (KUPVA), 60 Remittance Services (LR), and 68 branch offices to discuss adherence to operational standards.
BI Kepri highlighted the need for collaboration with security forces, customs, and financial analysis units to mitigate substantial risk management challenges.
Proactive measures include dissemination, socialization, and enforcement of sanctions to prevent illegal financial activities, particularly in the run-up to elections.
Suryono underscored BI’s role in ongoing economic potential analysis in the Riau Islands to maintain regional economic stability and security.
These measures undertaken by BI Kepri not only reinforce the integrity of financial operations in Indonesia but also safeguard the region’s economic relations with neighboring countries, including Singapore.
Bank Indonesia Kepri’s Annual Meeting brings together key stakeholders to ensure the integrity of currency exchange and remittance operations, crucial for maintaining economic stability and preventing financial crimes in the region.
Source: Batam News, Kepripedia (2023)
