Financial Services Institutions Required to Utilize Know-Your-Services Administration Services

In an effort to improve customer and/or enhanced due diligence (collectively referred to as “Due Diligence”) practice in relation to the opening of securities or investment accounts, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has now introduced Know-Your-Services Administration Services (Layanan Administrasi Prinsip Mengenali Nasabah – “LAPMN”) and has also set out the various organizers that will be authorized to provide LAPMN systems (“Organizers”), as well as a list of relevant financial services institutions that will be able to utilize LAPMN systems (“Users”).[1]