COMPULSORY REPORT TRANSACTIONS SUMMARY

 

Compulsory Report Data
  • Beneficiary status
  • Beneficiary category
  • Payer/Sender status
  • Payer/Sender category
  • Financial relationship between transactors
  • Purpose of transaction
Compulsory Report Customer Every resident that utilize bank services
Compulsory Report Transaction Amount Above US$10,000 or the equivalent
Compulsory Report Transaction Type
  • Beneficiary/Fund Sender through telex transfer
  • Beneficiary/Fund Sender through check/giros from foreign banks
  • Outgoing/incoming funds to/from non-resident accounts, through:
  • Local clearing/inkasso
  • Transfer between accounts with bank

 

Quotes
Act No. 24/1999 on Foreign Exchange Flow and Exchange Rate System:
  • Resident is a person, company or any other firm that resides or plans to reside in Indonesia foe a minimum of 1 (one) year period. This includes Republic of Indonesia representatives or diplomatic staff living overseas (Article 1)
  • Every resident is eligible to own and use the Foreign Exchange freely (Article 2.1)
  • Bank Indonesia is authorized to obtain information and data regarding Foreign Exchange Cross Border activities executed by residents (Article 3.1)
  • Every resident is required to submit information anad data regarding Foreign Exchange Cross Border activities, directly or indirectly through Bank Indonesia authorized parties (Article 3.2)
  • Whoever intentionally ignores the terms and conditions as stated in Article 3.2 will be penalized a minimum of Rp. 250.000.000,00 (two hundred fifty million rupiah) and a maximum of Rp. 1.000.000.000,00 (one billion rupiah).
  •  
Summary of Bank Indonesia Circular Letter No. 1/9/DSM December 28,  1999 regarding Foreign Exchange Flow Report by Banks:
Individual transactors that categorized as Residents are:
  • Indonesian citizens that permanently reside in Indonesia, including Indonesian citizens that live overseas for education, research, medical and diplomatic assignments and any other state tasks.
  • Foreigners holding stay permits such as KIMS (Kartu Izin Menetap Sementara).

Corporate transactors or other firms catagorized as Residents are:

  • Government of the Republic of Indonesia.
  • Non-profit institutions governed by the Republic of Indonesia.
  • Companies, including branches and representative offices from foreign companies and other institutions stationed in Indonesia.
Source: Citibank, Jakarta