Financial Services Institutions Required to Utilize Know-Your-Services Administration Services

In an effort to improve customer and/or enhanced due diligence (collectively referred to as “ Due Diligence ”) practice in relation to the opening of securities or investment accounts, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has now introduced Know-Your-Services Administration Services (Layanan Administrasi Prinsip Mengenali Nasabah– “ LAPMN ”) and has also set out the various organizers that will be authorized to provide LAPMN systems (“ Organizers ”), as well as a list of relevant financial services institutions that will be able to utilize LAPMN systems (“ Users ”). [1]