Written by Adinda Tuffahati on 16/07/2024
The author’s views are entirely their own and may not always reflect the views of Putranto Alliance.
Identifying and reporting beneficial owners is a legal obligation that companies must fulfill. In the context of transparency, integrity, and compliance, this understanding gives companies an advantage in building a good reputation, attracting business opportunities, and ensuring clear responsibility and accountability. Putranto Alliance ensures compliance with disclosure requirements by properly identifying and verifying beneficial owners.
According to Presidential Regulation of the Republic of Indonesia Number 13 of 2018 on the Implementation of the Principle of Recognizing Beneficial Owners of Corporations in the Context of Preventing and Eradicating the Criminal Acts of Money Laundering and the Criminal Acts of Financing Terrorism (PerPres No. 13/2018), in article 1 defines:
“The beneficial owner as an individual who has the authority to appoint or dismiss the directors of the board of commissioners, management, supervisors, or supervisors of the Corporation, has control over the Corporation, is entitled to and/or receives benefits from the Corporation either directly or indirectly, is the actual owner of the funds or shares of the Corporation and/or meets the criteria as referred to in this Presidential Regulation.”
Identifying beneficial owners is essential for corporate transparency, integrity, and legal compliance. Based on Article 11 of PerPres No. 13/2018, corporations can determine the beneficial owner based on information obtained through:
Corporations must submit Beneficial Owner information to the authorized agency no later than 7 (seven) working days after receiving a business license or company registration mark from the authorized agency or institution.
Companies that do not report the Beneficial Owner will be sanctioned by blocking their access to the Administrasi Hukum Umum (AHU) Online System and the Online Single Submission (OSS) System.
The blocking prevents the company from changing, adding, or updating its data and articles of association in the AHU Online System. The company is also unable to make data changes to the OSS System, which results in business activity data that does not match its practice in the field. This automatically makes the business licenses issued inappropriate and can be considered violating and subject to administrative sanctions in the form of revocation of business licenses.
Accurately disclosing beneficial ownership information offers several benefits:
Corporations must apply the principle of recognizing the beneficial owners of the corporation, which includes:
Identification through the collection of information includes:
Verification is carried out through research on the suitability of the beneficial owner information with supporting documents.
The information submission is attached with a Statement Letter from the corporation regarding the truth of the information submitted to the authorized agency. Parties that can submit beneficial owner information to the corporation include:
Corporations are required to update beneficial owner information annually. This regular update is a key part of maintaining compliance and the integrity of the corporation.
Putranto Alliance provides comprehensive assistance with beneficial ownership reporting. Our services include legal, accounting, and tax advisory services to ensure regulatory compliance. We can help prepare and expedite the process of identifying, verifying, and reporting beneficial owners.
A response to the inquiry will be sent to the provided email within 2 working days.
putranto@putranto-alliance.com
Jl. Denpasar Raya Blok C4/24
Kompleks Menteri, Kuningan
Jakarta Selatan, 12950, Indonesia
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