Mandatory Licensing, Approvals and Reporting for Pawnshop Companies Expanded: New Self-Assessment and Document Retention Requirements Come into Force

In 2017, the Financial Services Authority (Otoritas Jasa Keuangan - “OJK”) introduced Circular No. 51/SEOJK.05/2017 on the Registration, Business Licensing and Organizational Structure of Pawnshop Companies (“Circular 51/2017”). As its title suggests, Circular 51/2017 outlined a set of procedures that should be followed by pawnshop businesses whenever attempting to secure registrations and permits from the OJK, as well as various mandatory reporting procedures. It should be noted that Circular 51/2017 was briefly summarized in the following edition of Indonesian Legal Brief (“ILB”): “Technical Guidelines Relating to Registration, Business Licensing and Organizational Structure for Pawnbroker Companies”.