OJK to Introduce Draft Regulation on the Know-Your-Customer Administration Service Organizer

In an effort to improve the effectiveness of financial service providers that engage in customer due diligence in relation to the opening of securities accounts and investment accounts, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently preparing a Draft Regulation on the Know-Your-Customer Administration Service Organizer (“Draft Regulation”), which will establish centralized Know-Your-Customer administration (“KYC Administration”) service infrastructure.[1] Specifically, the KYC Administration service will be responsible for assisting service users (“Users”) as they conduct processes relating to customer and/or advanced due diligence (collectively referred to as “Due Diligence”), the updating of customer data and the expediting of the opening of accounts by customers.[2]