Implementation of Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Program

PT BFI Finance is committed to implement Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Program in accordance with the prevailing laws, namely:

• Law of the Republic of Indonesia Number 8 Year 2010 concerning Prevention and Eradication of Money Laundering Crime.
• Law of the Republic of Indonesia Number 9 Year 2013 concerning Prevention and Eradication of Financing of Terrorism Crime.
• OJK Regulation Number 12/POJK.01/2017 concerning Implementation of Anti-Money Laundering and Countering Financing of Terrorism Program in Financial Services Sector.
• OJK Circular Letter Number 37/SEOJK.05/2017 concerning Guidelines for Implementation of Anti-Money Laundering and Countering Financing of Terrorism Program in Non-Bank Financial Industry Sector.

Implementation of Anti-Money Laundering and Countering Financing of Terrorism Program in PT BFI Finance is governed and supervised actively by Board of Directors and Board of Commissioners, which encompasses:

1. Arranging standard operating procedures for AML/CFT program, which include the following measures:
   1. Performing Customer Due Diligence (CDD) assessment in effort to identify customers, including identifying beneficial owners and conducting Enhance Due Diligence (EDD) for debtors and highly risky beneficial owners.
   2. Appointing senior official to give approval or refusal on financing for highly risky debtors.
   3. Monitoring and conducting analysis to detect suspicious financial transactions, cash financial transactions, and reporting such transactions to Financial Transaction Reports and Analysis Centre (PPATK).
   4. Rejecting transactions and terminating business connections.
   5. Monitoring customer profiles and transactions as well as performing customer data updating.
   6. Carrying out employee screening procedures during recruitment and monitoring employee profiles.
   7. Administering documents related to customer data and customer documents associated with financial transactions within 5 (five) years since contract ends.
2. Forming Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Unit at head office under the supervision of Enterprise Risk Director. The AML/CFT Unit must receive prior training on implementation of AML/CFT program.
3. Internal Control: 
   Implementation of risk-based approach to AML/CFT program. Board of Directors gives directions to Internal Audit function to conduct evaluation on implementation of compliance with AML/CFT program.
4. Management Information System
   PT BFI Finance has an information system that can identify, analyze, monitor, and provide reports effectively on characteristics of customer transactions. The company has integrated within the company’s system the names in list of suspected terrorists and terrorist organizations (DTTOT) released by authority, thereby allows the company to monitor resemblance/similarity with suspected terrorists and prospective customers.
   The company’s system enables the company to input and provide information related to profession of prospective customers/customers listed in politically exposed person (PEP).
5. Human Resources and Training
   In order to prevent PT BFI Finance of being used as a media for money-laundering involving internal individuals, the company has been:
   1. Carrying out employee screening procedures to recruit new employees.
   2. Managing trainings related to AML/CFT program for employees of PT BFI Finance, both online (e-learning) and offline (face-to-face learning).
       

AML/CFT program is implemented in all PT BFI Finance’s head office and branch offices and reported periodically by relevant AML/CFT work unit to management.

Implementation of AML/CFT Program
PT BFI Finance Indonesia Tbk