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BI to revoke 17 money changers'€™ licenses

Bank Indonesia will revoke the licenses of 17 foreign exchange traders due to unhealthy competition and irregular practices

The Jakarta Post
Batam
Thu, January 30, 2014

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BI to revoke 17 money changers'€™ licenses

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.

'€œAs 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. '€œThe traders are busy and have little time to make the reports. It'€™s a matter of time.'€

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