Govt. Introduces New Procedure for Implementation of Know-Your-Service-Users Principle by Auction Organizers

The Minister of Finance (“Minister”) recently issued Regulation No. 8/PMK.06/2023 on the Implementation of the Know-Your-Service-Users Principle by Auction Organizers (“Regulation 8/2023”), which is aiming to improve the effectiveness of the Know-You-Service-Users Principle (Prinsip Mengenali Pengguna Jasa – “PMPJ”) and simplify its implementation.[1] As a consequence, Regulation of the Minister No. 156/PMK.06/2017, which previously addressed the implementation of PMPJ by auction houses (“Regulation 156/2017”),[2] will be repealed and replaced when Regulation 8/2023 ultimately comes into force.[3]