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Procedure Consumer Due Diligence for Fintech Company

“Customer Due Diligence (CDD) is activities conducted by Financial Service Provider to ensure thetransaction by the profile, characteristic, and/or transaction patterns of customers.” Customer Due Diligence (CDD) is activities (identification, verification, and monitoring) that conducted by Financial Service Provider (“Penyedia Jasa Keuangan” or “PJK”) to ensure the transaction in accordance with the profile, characteristic, and/or transaction patterns of prospective customer, customer, or walk-in customer (“customers”).  Furthermore, Financial Service Authority (“Otoritas

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An Update on The Affiliation Transaction and Conflict of Interest

“The OJK through POJK 42/2020 amended the prior regulation as defined in Regulation of Bapepam-LK (“Badan Pengawasan Pasar Modal dan Lembaga Keuangan” or “Bapepam-LK”) Number IX.E.1 of 2009 on Affiliation Transaction and Specific Conflict of Interest Transaction.” On July 2020, Financial Services Authority (“Otoritas Jasa Keuangan” or “OJK”) has stipulated Regulation of OJK No. 42/POJK.04/2020 on Affiliation Transaction and Conflict of Interest Transaction (“POJK 42/2020”). POJK 42/2020 has been an

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Intellectual Property Rights in the Medical Industry

“In a sector heavily based on research and development, business actors in the medical industry must be able to distinguish each type of intellectual property rights to protect their interest properly.” As a sector dedicated to resolving health problems, the medical industry is heavily based on scientific research and development. Considering how it is expected to provide the most efficient healthcare for the consumers, business actors in the medical industry

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Outsourcing Contract

“An outsourcing activity must commence appropriately by the Manpower Law and Ministerial Regulation No. 11 of 2019. Any violation of any kind shall result in an employment relationship between the Contracting Company and the workers provided by the Outsourcing Company.” Within the Law No. 13 of 2003 concerning Manpower (“Manpower Law”), a company may subcontract part of its work to another enterprise by entering into a written agreement for the

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An Update on The Material Transaction

“OJK issued the Regulation of OJK Number 17/POJK.04/2020 on Material Transactions and Alterations of Business Activities (“POJK 17/2020”). After six months from the POJK 17/2020 comes into force, the Decree of the Head of the Capital Market and Financial Institution Supervisory Agency Number. Kep-614/bl/2011 on Material Transactions and Alteration of Primary Business Activities, along with Rule Number IX.E.2 as its appendix, are replaced and declared invalid.” On April 2020, Financial

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