INDONESIA INTRODUCES KNOW-YOUR-BENEFICIAL OWNER PRINCIPLE FOR CORPORATIONS

In an attempt to prevent and eradicate activities related to money laundering and/or terrorism financing through corporations, the government has issued Presidential Regulation No. 13 of 2018 regarding the application of the Know-Your-Beneficial-Owner Principle by Corporations for the Prevention and Eradication of the Criminal Acts of Money Laundering and Terrorism Financing (“PR 13/2018”).

 
PR 13/2018, which closely reflects other “Know Your” regulations introduced by certain other Indonesian ministries, provides the following provisions for the application of the Know-Your-Beneficial-Owner Principle (“Principle”) by corporations:
  1. determination of the beneficial owner(s) of a corporation;
  2. application of the Principle;
  3. supervision;
  4. cooperation and requests for information about the beneficial owner;
  5. sanctions; and
  6. transitional provisions.

 

Contacts:

Vincent Ariesta Lie vincent.lie@makarim.com

Agil Ariananto agil.ariananto@makarim.com

Rinjani Indah Lestari rinjani.lestari@makarim.com

 

To read the full article, please download the pdf copy below.


Download File
Other Articles or News
  • Indonesia‚Äôs New OSS License Application System: An Update
  • Bank Indonesia's National Payment Gateway Introduced
  • INDONESIA'S NEW REGULATION ON THE EMPLOYMENT OF FOREIGN MANPOWER: OFFERING SOME CLARITY WHILE RAISING QUESTIONS
  • NEW REGULATION ON THE PROTECTION OF PERSONAL DATA: KEY PROVISIONS
  • WELL KNOWN TRADEMARKS