Heaptalk, Jakarta — The rise in the opening of new accounts for online gambling has prompted the Minister of Finance to issue Minister of Finance Regulation (PMK) Number 47 of 2024 on technical guidelines for accessing financial information for tax purposes.
“This regulation, among other things, tightens the rules for opening new accounts and banking transactions,” explained Finance Minister Sri Mulyani in a press release on Monday (09/02). According to her, the regulation is outlined in Article 10A of the PMK: The Ministry of Finance prohibits reporting financial institutions from providing services for opening new accounts and transactions for customers who refuse to comply with the financial account identification and documentation requirements.
Sri Mulyani emphasized, “Reporting financial institutions are not allowed to serve the opening of new financial accounts for individuals and entities, or new transactions related to financial accounts for holders of existing financial accounts, who refuse to comply with the provisions as referred to in Article 9.”
Article 10A refers to the Financial Account Identification and Documentation Procedures provisions in Article 9 of PMK 70/2017. This article states that reporting financial institutions must carry out identification procedures for financial accounts held by individuals or entities whose country of domicile is a foreign jurisdiction.
“Paragraph 5 of Article 9 also emphasizes that for account openings requested by the Director General of Taxation, reporting financial institutions that obtain or hold documentation in a language other than Indonesian must provide a translation of the documentation into Indonesian,” Sri Mulyani added.
Meanwhile, Article 10A of PMK 47/2024 also emphasizes that financial institutions must enforce the prohibition on providing new account and transaction services as soon as individuals and entities or holders of existing financial accounts refuse to comply with identification procedure requirements. Transactions that must not be served include deposits, withdrawals, transfers, account openings, or contract creation for banking customers. Opening accounts, buying or transferring transactions for capital market customers, and closing new policies are also included.
Holders of existing financial accounts at reporting financial institutions, other financial service institutions (LJK), and/or other entities are also prohibited from engaging in other transaction activities. However, this prohibition does not apply to transactions that fulfill obligations previously agreed upon between the holder of the existing financial account and the reporting financial institution, account closures, or obligations fulfilled under legal provisions.
