- The Financial Services Authority (“OJK”) recently simplified the procedure for the opening of securities accounts and client fund accounts (Rekening Dana Nasabah – “RDN”) by making online processing available. This new online process is being implemented under Circular of the OJK No. 6/SEOJK.04/2019 on Guidelines for the Opening of Securities Accounts and Client Fund Accounts Electronically via Securities Companies Operating Business as Securities Brokers (“Circular 6/2019”).
- In a bid to simplify the current process, Circular 6/2019 addresses various technical guidelines on the following matters: 1) Online opening of securities accounts and RDN, which were previously processed via an onboard mechanism that still required manual submissions and which was considerably more time consuming; 2) Utilization of online Customer Due Diligence (“CDD”), as provided by third parties, especially CDD data which have been produced by client banks; and 3) Standard forms for use by individuals during the online opening of accounts.
- The OJK believes that by introducing an online mechanism for the opening of accounts and CDD, the following outcomes may be achieved: 1) Securities companies will have greater coverage and the number of domestic capital-market investors may also increase; and 2) Capital-market services will operate more efficiently, as managed by the relevant capital-market parties, without the accuracy of client data being neglected.
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