Bank Indonesia will revoke the licenses of 17 foreign exchange traders due to unhealthy competition and irregular practices
Bank Indonesia will revoke the licenses of 17 foreign exchange traders due to unhealthy competition and irregular practices.
The bank's Riau Islands province representative head, Gusti Raizal Eka Putra, revealed on Wednesday that the 17 traders had been warned three times through the mass media.
'As part of the procedure, we publish warnings in the media three times before we revoke the licenses. The traders have not submitted their financial reports for six months,' Gusti said. Gusti said traders had to submit financial reports as a precaution against money laundering.
The province's Foreign Exchange Trader Association secretary, Lusi, claimed that submitting a report was easy, rejecting the possibility of money laundering among the association's members. 'The traders are busy and have little time to make the reports. It's a matter of time.'
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