INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Ruth A. Mendrofa, ABNR Counsellors at Law
not be permitted to offer products or services beyond what their licences permit. 2.14 Impact of AML and Sanctions Rules In general, the AML rules are applicable to all companies in Indonesia. However, specifically for banks and non-bank financial institutions that also include fintech companies that receive or bridge fund flows from their customers or users, both the OJK and BI have stipulated more spe - cific AML rules that should be implemented by fintech companies categorised as non-bank financial institutions. Although unregulated fintech companies are not bound by the AML rules under the BI and the OJK as they have not been recognised as financial service providers by the laws and regu - lations, they are expected to adopt the general AML rules. This can be achieved by a business association issuing a policy on AML that is then adopted by the unregulated fintech companies. 2.15 Financial Action Task Force Standards Indonesia is a member of the Financial Action Task Force (FATF) and has been adopting FATF standards in the financial service sectors. The OJK, BI, and Bappebti have established the reg - ulatory framework to implement the standards through these regulations: • OJK Reg, 8; • BI Regulation No 10 of 2024 on Implementa - tion of Anti-Money Laundering, Prevention of Terrorism Funding, and Prevention of Fund - ing for the Proliferation of Weapons of Mass Destruction for Parties Regulated and Super - vised by Bank Indonesia; and • Bappebti Regulation No 6 of 2019 on Imple - mentation of Anti-Money Laundering and Prevention of Financing of Terrorism Pro -
grammes Related to the Administration of the Physical Market of Commodities on Futures Exchanges. The regulators have developed AML superviso - ry frameworks, including measures to prevent criminals from controlling financial institutions through ownership, requiring business actors in financial service sectors to use IT tools, and employing experts to assess AML risks. The OJK also implements financial inclusion as the key AML strategy. 2.16 Reverse Solicitation Indonesian law does not provide a distinction as to the methods of product marketing. No dis - tinction is made between general solicitation, reverse solicitation and unsolicited approach. In principle, offering regulated products and services from another jurisdiction under a pure reverse solicitation scenario, where the Indone - sian client independently initiates the engage - ment, may not trigger domestic licensing or approval requirements. However, in practice, this is assessed on a case-by-case basis, with regu - lators focusing on whether there has been any active marketing, facilitation or indirect solicita - tion within Indonesia that would trigger compli - ance with the domestic regulations in Indonesia. 3. Robo-Advisers 3.1 Requirement for Different Business Models Since Bappebti issued Regulation No 12 of 2022 on the Implementation of Delivery of Information Technology-based Advice in the Form of Expert Advisers in the Commodity Futures Trading Sec - tor ( “Bappebti Reg, 12/2022” ) on 2 September 2022, a party offering and providing an IT-based
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