Personalisasi
Halo,
Anda,

Segera Upgrade paket berlangganan Anda.
Dapatkan fitur lebih lengkap
Profil
Ada pertanyaan? Hubungi Kami
Bahasa
id-flag
en-flag

Terms of Fund Transfer from and to Overseas

Share
copy-paste Share Icon
Bisnis

Terms of Fund Transfer from and to Overseas

Terms of Fund Transfer from and to Overseas
Bernadetha Aurelia Oktavira, S.H.Si Pokrol
Si Pokrol
Bacaan 10 Menit
Terms of Fund Transfer from and to Overseas

PERTANYAAN

Is there a limit to the number of accounts in offshore banks (not foreign banks that have representatives in Indonesia) that an Indonesian company can have? Or are there certain restrictions for Indonesian companies to have accounts in offshore banks?

DAFTAR ISI

    INTISARI JAWABAN

    Basically, there are no specific provisions regarding restrictions on the number of accounts in offshore banks that can be owned by Indonesian entities. The restriction is more on the technical management and use of the deposited funds.

    If the funds will be transferred back to Indonesia or funds from Indonesia will be transferred to the offshore bank account, it is subject to certain regulations. What are the regulations and how do they read?

    Please take a look at the review below for a further explanation.

    ULASAN LENGKAP

    This article is an English translation of Ketentuan Transfer Dana dari dan ke Luar Negeri, written by Bernadetha Aurelia Oktavira, S.H., and was published on Monday 13 November 2023.

    This article is an updated version of the article entitled Regulations on Overseas Accounts, written by Maria Astri Yunita, S.H., M.H. and was published on Tuesday, 12 January 2016.

    All legal information available on Klinik hukumonline.com has been prepared for educational purposes only and is general in nature (read the complete Disclaimer). In order to obtain legal advice specific to your case, please consult with Justika Partner Consultant.

    Transfer of Funds to and from Overseas

    Basically, in our opinion, there are no specific provisions regarding restrictions on the number of accounts in offshore banks that may be owned by Indonesian entities. According to BI Regulation 14/23/PBI/2012, Bank Indonesia has the authority to stipulate a maximum limit on the nominal value of fund transfers from and to abroad that may be conducted through Operators that are in the form of non-bank business entities.[1]

    In addition, the restrictions are more on the technical management and use of the deposit funds. If the funds will be transferred back to Indonesia or funds from Indonesia will be transferred to an offshore bank account, it is subject to the regulations of the Financial Transaction Reports and Analysis Center (Pusat Pelaporan dan Analisis Transaksi Keuangan/ "PPATK") as mandated in PPATK Regulation 1/2021. Financial Services Providers or Organizers (Penyedia Jasa Keuangan/ “PJK") are required to submit reports to PPATK, among others, on financial transactions transferring funds to and from abroad to prevent and eradicate criminal acts of money theft and criminal acts of financing terrorism.[2]

    Belajar Hukum Secara Online dari Pengajar Berkompeten Dengan Biaya TerjangkauMulai DariRp. 149.000

    Financial Services Providers that provide financial transaction services for the transfer of funds to and from overseas, including remittance services, are required to submit financial transaction reports on the transfer of funds to and from overseas to PPATK.[3]

    Financial Services Providers that provide fund transfer financial transaction services from and to overseas shall include the initial sender organizer and the end recipient organizer,[4] in the form of banks and non-bank Indonesian incorporated entities.[5]

    Reports that must be submitted by banks and or Indonesian legal entities in the form of fund transfer orders for the interest of service users,[6] which are received and/or sent through:[7]

    1. a written order;
    2. app for fund transfer from and to abroad; and/or
    3. electronically including automated teller machines, phone banking, internet banking, SMS banking, and/or other electronic means.

    The fund transfer applications from and to overseas referred to above consist of:[8]

    1. app obtained from SWIFT;
    2. app obtained through a cooperation with fund transfer service provider; and/or
    3. other apps used by PJK for fund transfers from and to abroad.

    Bank Obligations in Transferring Funds from and to Overseas

    The amount of funds deposited in the account can also be analyzed and reviewed at any time based on the provisions of the laws and regulations of each country regarding anti-money laundering and the internal provisions of each bank regarding CDD or Customer Due Diligence, which is an activity in the form of identification, verification, and monitoring that are carried out by PJK to ensure that a transaction conforms to the profile, characteristics and/or transaction patterns of a Prospective Customer, Customer or WIC.[9]

    This is further regulated in OJK Regulation 8/2023 that banks as Financial Services Providers are required to have compliance management arrangements for the implementation of Anti-Money Laundering and Prevention of Terrorism Funding programs, including by appointing compliance officers at the management level.[10] As part of the compliance management arrangements for implementing Anti-Money Laundering and Prevention of Terrorism Funding programs, banks as Financial Services Providers are required to establish special work units and/or appoint officials responsible for implementing these programs, at the head office and branch offices.[11]

    The person in charge of implementing the Anti-Money Laundering and Prevention of Terrorism Funding program has the task, among others, conducting an evaluation of the results of monitoring and analysis of customer transactions in order to ascertain the presence or absence of any suspicious financial transactions, cash financial transactions, and/or funds transfer financial transactions from and to abroad[12] and prepare a report on suspicious financial transactions, cash financial transactions, and/or funds transfer financial transactions from and to abroad.[13]

    In addition, the person in charge of implementing the Anti-Money Laundering and Prevention of Terrorism Funding program has the authority to report suspicious financial transactions, cash financial transactions, and/or funds transfer financial transactions from and to abroad including those carried out by the Board of Directors, Board of Commissioners, and/or parties affiliated with the Board of Directors or Board of Commissioners, directly to the Financial Transaction Reports and Analysis Center or PPATK.[14]

    If it is deemed unreasonable and suspicious/not in accordance with the customer's profile or the customer is deemed to have a profile that is suspicious, the bank is obliged to refuse business relations with prospective customers, refuse transactions, and/or close business relations with customers.[15]

    If the suspected transaction is related to Money Laundering Crime or Terrorism Funding Crime, and the Financial Services Providers believe that the CDD process will violate the anti-tipping-off provisions, the Financial Services Providers must stop the CDD procedure and report the suspicious financial transaction to PPATK.[16]

    Enrich your legal research with the latest bilingual legal analysis, as well as the collection of regulatory translations integrated into Hukumonline Pro, click here to learn more.

    This is our answer, hopefully, you find it useful.

    Legal Basis:

    1. Regulation of Bank Indonesia Number 14/23/2012 of 2012 on Fund Transfers;
    2. Regulation of the Financial Transaction Reports and Analysis Center Number 1 of 2021 on Procedures for the Submission of Reports on Suspicious Financial Transactions, Cash Financial Transactions, and Financial Transactions of Fund Transfer to and from Abroad Through the goAML App for Financial Services Providers
    3. Regulation of the Financial Services Authority of the Republic of Indonesia
      Number 8 of 2023 on the Application of Anti-Money-Laundering and Prevention of Terrorism and Proliferation of Weapons of Mass Destruction Funding Programs Within the Financial Services Sector
      .

    [1] Article 8 section (4) Regulation of Bank Indonesia Number 14/23/2012 of 2012 on Fund Transfers.

    [3] Article 9 section (1) PPATK Regulation 1/2021.

    [4] Article 9 section (2) PPATK Regulation 1/2021.

    [5] Article 9 section (3) PPATK Regulation 1/2021.

    [6] Article 11 section (1) PPATK Regulation 1/2021.

    [7] Article 11 section (2) PPATK Regulation 1/2021.

    [8] Article 13 section (3) PPATK Regulation 1/2021.

    [9] Article 1 number 12 Regulation of the Financial Services Authority of the Republic of Indonesia
    Number 8 of 2023 on the Application of Anti-Money-Laundering and Prevention of Terrorism and Proliferation of Weapons of Mass Destruction Funding Programs Within the Financial Services Sector
    (“OJK Regulation 1/2023”).

    [10] Article 10 section (1) OJK Regulation 1/2023.

    [11] Article 10 section (2) OJK Regulation 1/2023.

    [12] Article 14 section (1) letter g OJK Regulation 1/2023.

    [13] Article 14 section (1) letter o OJK Regulation 1/2023.

    [14] Article 15 letter d OJK Regulation 1/2023.

    [15] Article 49 section (1) OJK Regulation 1/2023.

    [16] Article 49 section (3) OJK Regulation 1/2023.

    Tags

    klinik english edition

    Punya Masalah Hukum yang sedang dihadapi?

    atauMulai dari Rp 30.000
    Baca DisclaimerPowered byempty result

    TIPS HUKUM

    Cara Mengurus Surat Cerai dan Langkah Mengajukan Gugatannya

    24 Mar, 2023 Bacaan 10 Menit
    logo channelbox

    Dapatkan info berbagai lowongan kerja hukum terbaru di Indonesia!

    Kunjungi

    Butuh lebih banyak artikel?

    Pantau Kewajiban Hukum
    Perusahaan Anda Di Sini!