Presidential Regulation Number 13 Year 2018 regarding The Application of the Know-Your-Corporation-Beneficial-Owner Principle in the Context of the Prevention and Eradication of Criminal Acts of Money Laundering and Terrorism Financing

This regulation obligates every corporation to determine beneficial owner of corporation of at least 1 person meeting the criteria for the relevant type of corporation, namely the criteria of beneficial owner of limited liability company, beneficial owner of foundation, beneficial owner of association, beneficial owner of cooperative, beneficial owner of limited partnership, beneficial owner of partnership, and beneficial owner of other type of corporation. However, in addition to the beneficial owner determined by corporation, the authorized government agency may determine other beneficial owner based on the results of audit on the corporation conducted by the authorized government agency based on this Presidential Regulation, or information from a government or private institution managing mengelola data or information of beneficial ownership, or report of a certain profession containing beneficial ownership information, or based on other accountable information. Such authorized government agency shall manage beneficial ownership information submitted by corporations in a Corporation Administration Service System and is allowed to establish cooperation on the exchange of beneficial ownership information with other government agencies, either at the national or international level.

Furthermore, this regulation also obligates corporations to apply the beneficial ownership transparency principle by appointing an official or employee to apply the know-your-corporation beneficial owner principle and to provide information on the corporation and beneficial owner of the corporation upon request of the authorized government agency and law enforcement agencies. The know-your-corporation beneficial owner principle includes the identification and verification of beneficial owner to be conducted at the time of business establishment, registration, ratification, approval, or licensing of the corporation, or at the time the corporation engages in its business or activities. Moreover, corporations are also required to update beneficial ownership information annually and to administer documents related to beneficial owners for a minimum period of 5 years as of the date of establishment or approval of the corporation and not less than 5 years following the dissolution of the corporation if the corporation is dissolved.

This Presidential Regulation has come into effect as of March 5, 2018. (https://legalcentric.com/content/view/131291)

The regulation only available in Bahasa.

 

 

Perpres 13 Tahun 2018

Ministry of Finance Regulation Number 212/PMK.03/2018
Ministry of Finance Regulation Number 212/PMK.03/2018

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