Supervision of the Implementation of the KYBO Principle Finally Addressed

Over the past few years, the Indonesian Government has introduced various derivative regulations on the implementation of the Know-Your-Beneficial-Owner (“KYBO”) principle in a bid to combat both money laundering and terrorism financing crimes.[1] Recently, the Minister of Law and Human Rights (“Minister”) issued a further framework on the KYBO principle, specifically Regulation No. 21 of 2019 on Procedures for the Supervision of the Implementation of the Know-Your-Beneficial-Owner Principle by Corporations (“Regulation 21/2019”) with the ultimate aim of ensuring the compliance of corporations as regards the implementation of the KYBO principle.[2]