Bank Indonesia Amends Regulation on Monthly Reporting for General Banks

With a view to seeing more effective, accurate, and complete reporting, Bank Indonesia (BI) has issued Regulation No. 11/18/PBI/2009 to amend Regulation No. 10/40/PBI/2008. The amendments to the regulation are designed to facilitate the necessary supporting infrastructure and to ensure that it is applied by all the relevant parties.

Articles 16, 22, 24, and 25 have been amended and 3 Articles have been inserted between Articles 22 and 23, namely: Articles 22A, 22B, and 22C.

Article 16 has been amended to state that a bank who submits a Report correction late pursuant to Article 10 is to be fined IDR 100,000 per day that the correction is late.

Article 22 has been amended to state that banks are obligated to submit monthly reports with data up to and including December 2009.

Articles 22A, 22B, and 22C have been inserted to assist banks in understanding their monthly reporting obligations during the transition from one regulatory framework to another. The Elucidations to these provisions provide concrete examples of how banks are to determine what their respective reporting obligations are and how these are to be effected.

Article 24 has been amended to clarify the effective dates of repeal of the previous regulation in this sector and the impact this has on future reporting obligations.

Article 25 has been amended to state that sanctions as noted in Articles 16 and 17 do not come into force until November 2009 and these sanctions come into force with the submission or lack thereof of the October 2009 report.

The regulation has retroactive force from 29 May 2009. The regulation was issued on 3 June 2009.