Kamis, Januari 10, 2013 | Issue Number : 2071

Bank Indonesia Issues Long-Anticipated Regulation on Fund Transfers

Davidson Samosir

Bank Indonesia has issued Regulation No.14/23/PBI/2012 on Fund Transfers (“Regulation”). The Regulation implements several provisions of Law No. 3 of 2011 on Fund Transfers (“Law”). Those provisions specifically regard:

1.	Fund Transfer Permit (Art. 69, Law)
2.	Procedures for sending and receiving overseas fund transfers (Art. 8 (8), Law)
3.	Payment procedures, transfer time span, fees, interest, and compensation (Arts. 27, 42 (7), 49, 54, 64 (7), 68 (3), Law)
4.	Fund transfer order acceptance (Art. 39, Law).
5.	Mechanisms to settle a fund transfer order (Art. 52, Law).
6.	Procedures for error correction when processing a fund transfer order (Art. 58, Law)
7.	BI supervision, and the fund transfer provider’s reporting obligations (Art. 75, Law)

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Davidson Samosir

1.	Fund Transfer Permit (Art. 69, Law)
2.	Procedures for sending and receiving overseas fund transfers (Art. 8 (8), Law)
3.	Payment procedures, transfer time span, fees, interest, and compensation (Arts. 27, 42 (7), 49, 54, 64 (7), 68 (3), Law)
4.	Fund transfer order acceptance (Art. 39, Law).
5.	Mechanisms to settle a fund transfer order (Art. 52, Law).
6.	Procedures for error correction when processing a fund transfer order (Art. 58, Law)
7.	BI supervision, and the fund transfer provider’s reporting obligations (Art. 75, Law)

......