The Implementation of Beneficial-Owner Principle in Indonesia

“Indonesia Government regulates beneficial ownership principle in some regulations to create legal certainty. The regulations mentioned about the definition, limitation, also sanction for incompliance.” According to The Financial Action Task Force (FATF), beneficial owner refers to the natural person(s) who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a

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An Update on Electronic System Provider (PSE)

“The Ministry of Communication and Information issued Government Regulation No. 71 of 2019 on Electronic System and Transaction Operation (“PP 71/2019”) which made some crucial changes regarding the mandatory registration for both public and private sector, data centre, and right to be forgotten. PSE (Penyelenggara Sistem Elektronik) or Electronic System Provider refers to every person, state agency, business entity, and public in general which provide, manage and/or operate electronic system

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Implementation OSS Version 1.1

“OSS Version 1.1 improves the system including the ability to process water location permit and ocean location permit, register KPPA (general representative office), revocation of license for a non-liquidation reason, arrange issuance branch office administration registration, submit LKPM, and arrange business license for Merger. The new version will be implemented by 11 November 2019.” In June 2018, the Government launched an integrated permits processing system called Online Single Submission (OSS)

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Clustering Business Model on Financial Technology Company

“OJK accommodates business model of Financial Technology Company in Regulatory Sandbox. The cluster business model is financial aggregator, credit scoring, claim service handling, digital dire, financial planner, financing agent, funding agent, online distress solution, online gold depository, project financing, social network and robo advisor, block-chain based, verification non-cdd, tax and accounting, and E-Know Your Customer.” Financial technology or Fintech is a term applied to many types of technology, as any

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Legal Due Diligence in Capital Market

“Legal Due Diligence in Capital Market is required to expose the complete material facts on the issuer or public company so that the investor (shareholders) can acquire a clear understanding of the company or transaction objects and the action that it is about to take.” Corporate action is a term often used in Capital Market. In general, it refers to any activity that would bring material change to the company

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