- Bank Indonesia (“BI”) previously set competency standards for actors operating within the Rupiah Payment and Management Systems (Sistem Pembayaran Dan Pengelolaan Rupiah – “SPPUR”) sector (“Standards”) through the issuance of Regulation of the BI Board of Governors No. 22/3/PADG/2020 (“Regulation 22/2020”). However, in order to ensure that said Standards are in line with current requirements, the BI Board of Governors has now readjusted the Standards by revising Regulation 22/2020 through the issuance of Regulation No. 24/19/PADG/2022 (“Second Amendment”).
- In terms of SPPUR Work Training Agencies (Lembaga Pelatihan Kerja SPPUR – “LPK SPPUR”), the Second Amendment has now made the following adjustments: 1) Applications for securing LPK SPPUR status must be submitted along with the relevant data profiles and copies of authenticated registration proof or licensing documents, as issued by authorized agencies (“Agencies”); and 2) LPK SPPUR that have been recognized by BI must be accredited by said Agencies within three years of their recognition (previously, an accreditation deadline of only one year was set).
- In terms of the issuance of recommendation documents to parties that wish to become LPK SPPUR and Professional SPPUR Certification Agencies (Lembaga Sertifikasi Profesi SPPUR – “LSP SPPUR”), the Second Amendment now mandates that professional and/or industry associations must fulfill the following criteria: 1) Must possess adequate understanding of the applicable laws and regulations that apply within the relevant subsector; 2) Must be capable of assessing prospective LPK SPPUR or LSP SPPUR capacities and capabilities; 3) Must be professional and independent in terms of the issuance of recommendations; and 4) Must fulfill a number of other requirements, as determined by BI.
- Periodic reports must now be submitted to BI on a quarterly basis by the following parties within 10 business days of the month following the relevant reporting period (previously, said reports were required to be submitted on a semesterly basis): 1) SPPUR actors (in relation to SPPUR certificates and competency maintenance); 2) LPK SPPUR; and 3) LSP SPPUR (in relation to the organization of SPPUR competence certification and competency maintenance). It should also be noted that the newly introduced reporting period outlined above applies to data for January 2023 onwards.
- The Second Amendment has been in force since 20 December 2022.
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