Commercial banks and non-banking institutions must be ready to fulfill the following obligations by specific deadlines: 1) Submission of funding provision plans for human resources development for 2025 by December 2024; and 2) Securing of competence-based training certification for payment systems and/or payment system competency certification for personnel who have held certain positions by 31 December 2026.

Among various adjustments introduced under the Amendment, a special rack system designed to accommodate scrip (warkat) debit exchanged by SKNBI participants in clearing areas where manual exchanges of scrip debit (Pertukaran Warkat Debit "PWD") are being completed ("Pigeon Hole") has now been included under the new framework. Moreover, the Amendment has also introduced a new system that provides summary information for PWD in manual clearing areas ("PWD Application"), which will be managed by Bank Indonesia ("BI") and Non-BI coordinators of PWD who engage in PWD within clearing areas

Alternative Dispute Resolution Institutions that operate within the Financial Sector (Lembaga Alternatif Penyelesaian Sengketa Sektor Keuangan "LAPS-SK") are being introduced by Bank Indonesia ("BI") in response to the need to settle disputes that arise between consumers and parties that organize business activities (either banking or non-banking entities) and that are regulated and supervised by BI

Seven types of parties that are regulated and supervised by Bank Indonesia (BI) and that are categorized as posing a systemic or non-systemic cyber risk to the financial system (Organizers) are now mandated to implement various measures that relate to information system security and cyber resilience (Keamanan Sistem Informasi dan Ketahanan Siber KKS). Said KKS comprise the following core aspects: 1) Governance; 2) Preventative measures; and 3) Mitigation measures

Money markets ("Markets") have now been classified into the following two forms: 1) Market instruments (e.g. promissory notes, payment orders, debt securities and so forth); and 2) Market transactions (e.g. trading of financial instruments through Markets, repo transactions, derivative transactions that are completed through Markets and so forth)

The overall procedure that must be followed in order to settle SVBI and SUVBI transactions breaks down as follows: 1) Registration and/or updating of the relevant required information; 2) Submission of application to participate in an auction; 3) Updating of the relevant information (if any); and 4) Submission of an auction offer

Broadly speaking, the changes that have been made encompass various matters, including the reporting of DHE-SDA special accounts (rekening khusus/Reksus), transaction reports that affect foreign banks financial assets (aset finansial luar negeri/AFLN) and foreign banks financial obligations (kewajiban finansial luar negeri/KFLN), up to the submission of LLD reports

The introduction of Regulation 4/2023 directly affects non-SDA Exporters, importers, commercial banks that conduct business in foreign currencies and the Indonesian Export Funding Agency

Regulation 7/2023 now mandates that a minimum of 30% of any DHE SDA that has previously been deposited into the Special Account should be placed within the Indonesian financial system for a minimum of three months after the relevant deposit

The opening and closing of BI checking accounts, as well as any changes that are made to such accounts will all be completed through the Licensing Front Office, as provided through the BI Service App