Head of Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) Regulation No. PER-05/BL/2011 on Guidelines for the Implementation of the Know-Your-Customer (KYC) Principle for Financing Companies (“Regulation”) has been issued to implement Article 4 (5) of Minister of Finance Regulation No. 30/PMK.010/2010 on the Implementation of Know-Your-Customer Principle for Non-Bank Financial Institutions. The Regulation aims to provide guidance for financing companies in establishing their internal guidelines, so as to ensure that fixed guidelines aimed at preventing money laundering are in place.
Article 1 (2) in conjunction with Articles 2 (1) and (2), require that financing companies submit their internal KYC guidelines to the Chairperson of Bapepam-LK with a carbon copy to the Financing and Guarantee Bureau within 60 business days from the enactment of the Regulation.
Pursuant to Chapter II of the Appendix, a financing company has to form a special unit that is specifically assigned to KYC compliance, consisting of members of the Board of Directors or officers who are immediate subordinates of the Board of Directors who would be responsible for the implementation of KYC.
Compliance
The Appendix comprises of policies and procedures that have to be complied by a financing company. The following policies and procedures are to be followed:
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1.
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Customer Acceptance (Chapter III of the Appendix). The policy and procedures to understand the identity and background of a customer, its financing purpose, and also its financial profile.
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2.
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Customer/Beneficial Owner Identification and Verification (Chapter IV of the Appendix). The policy and procedure to assess the reasonable transactions, the actuality/validity of the supporting documents, and to verify whether the potential customer is acting on its own behalf or on behalf of a Beneficial Owner.
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3.
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Account Supervision and Customer Transaction Performance (Chapter V of the Appendix). The policy and procedure to identify and supervise suspicious / unusual transaction.
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4.
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Risk management (Chapter VI of the Appendix). The policy and procedures for the supervision of the financing company by the President Director or the Board of Directors and the Board of Commissioners; the procedure for reporting suspicious transactions to the Indonesian Financial Transaction Reports and Analysis Center (Pusat Pelaporan dan Analisis Transaksi Keuangan / PPATK); an internal supervision system including internal audits; and a KYC implementation training program for the company’s officials and employees.
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5.
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Special procedures (Chapter VII of the Appendix). Special procedures to verify the identity of prospective customers and assess information provided by the customer to a bank or non-bank financial institution, where the financing company can obtain a written statement of such customer information from the bank or the non-bank financial institution.
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The Regulation repeals and replaces Director General of the Financial Institutions Decision No. 2833/LK/2003 on Guidelines for the Implementation of Know-Your-Customer Principle for the Non-Bank Financial Institutions.
The Regulation has been in force since 30 March 2011.
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