Legal Insight February 2020: Indonesia New Regulation on the Mandatory Disclosure of Beneficial Owner

The new implementing regulations on the Know-Your-Beneficial Owner has been enacted, specifically Ministry of Law and Human Rights of Republic of Indonesia (“MoLHR”) Regulation No. 21 of 2019 concerning Procedures for the Supervision of the Implementation of the Know-Your-Beneficial-Owner (“KYBO”) Principles by Corporations (“MoLHR Regulation 21/2019”).

The ultimate objective of KYBO Laws and Regulations are to ensuring the compliance of corporations in preventing and eradicating any activities related to money laundering and/or terrorism financing.