From 21 December 2021 until 2 January 2022, violators will be exempt from the imposition of sanctions in relation to violations of the GWM fulfilment obligations on condition that said banks have become participants in the BI-FAST system and have made BI-FAST funds available

Prospective primary dealers (i.e. banks or securities companies) are first required to submit their applications to the Minister of Finance through the Director-General of Financing and Risk Management enclosing statement letters that address the following matters: 1) Their willingness to comply with provisions that apply to primary dealers and that address the use of the primary dealer trading system infrastructure; 2) Their willingness to participate in buyback auctions of SUN and to connect to SUN buyback auction infrastructure; and 3) A statement affirming that they are not under any special supervision or currently subject to any administrative sanctions in the form of limitations on/suspensions of business activities

When facilitating retail payments, BI-FAST provides the following services: 1) Individual Credit Transfer services, for which the transaction nominal is limited to Rp. 250 million per Credit Transfer Request; and 2) Other services, as determined by the organizer

Parties that organize any of the activities which fall under the supervision of BI (particularly payment system organizers, money service activity organizers, money market and foreign exchange market players and other parties that are regulated and supervised by BI) are required to implement the BI consumer protection principles

BI may only issue an L/C if the relevant PKPBJ, loan agreement, grant agreement and/or written agreement between BI and the Ministry states that the payment will be completed through the issuance of an L/C

In order to become a customer, a party must first meet certain criteria and must submit an application to BI (through the BIs Front Office for Licensing) via the BI licensing app. Meanwhile, in order to be able to use the BI Service App, a customer must obtain approval from BI for the use of the app by meeting the following requirements: 1) Must be domiciled within Indonesia; 2) Must own a data communications network, as set by BI; and 3) Must utilize a security facility, as set by BI

Banks must fulfil the following macroprudential inclusive financing ratio floor thresholds for positions at the end of June and December: 1) 20% by the end of June 2022 and the end of December 2022; 2) 25% by the end of June 2023 and the end of December 2023; and 3) 30% from the end of June 2024

Any parties who are intending to secure determinations as PIP should take the form of banks or non-banks that are limited-liability companies and must meet a variety of requirements that relate to several aspects, including: 1) Institutional requirements; 2) Capital and financing requirements; 3) Risk management requirements; and 4) Information system capability requirements

Under this new regulation, the various licenses that must be secured by PJP in order to operate are categorized as follows: 1) First license category, which allows PJP to conduct all of the above-listed activities; 2) Second license category, which only allows PJP to conduct: a) Management of the sources of funds; and b) Payment initiation and/or acquiring services; and 3) Third license category, which only allows PJP to conduct remittance services and/or other activities, as determined by Bank Indonesia

The implementation of the Sismontavar system in relation to banks customers will apply to the following Transactions: 1) Spot Transactions, specifically minimum Transactions of US$ 250,000 or equivalent; and/or 2) Derivative Transactions, specifically minimum Transactions of US$ 1 million or equivalent