New Disclosure Mechanism for Beneficial Owners Rolled Out: Corporations Required to Comply with Expanded Obligations

In 2019, the Minister of Law and Human Rights issued Regulation No. 21 of 2019 (“Regulation 21/2019”) on Procedures for the Supervision of the Application of the Know-Your-Beneficial-Owner Principle (“KYBO”) by Corporations. As this title suggests, Regulation 21/2019 outlines a wide array of supervisory measures and phases that specifically relate to the implementation of the KYBO by legal and/or non-legal entities (collectively referred to as “Corporations”).[1] It should be noted that the implementation of KYBO under Regulation 21/2019 was briefly summarized in the following edition of Indonesian Legal Brief (“ILB”): “Supervision of the Implementation of the KYBO Principle Finally Addressed”.