Govt. Introduces New Procedure for Implementation of Know-Your-Service-Users Principle by Auction Organizers

The Minister of Finance (“ Minister ”) recently issued Regulation No. 8/PMK.06/2023 on the Implementation of the Know-Your-Service-Users Principle by Auction Organizers (“ Regulation 8/2023 ”), which is aiming to improve the effectiveness of the Know-You-Service-Users Principle (Prinsip Mengenali Pengguna Jasa– “ PMPJ ”) and simplify its implementation. [1] As a consequence, Regulation of the Minister No. 156/PMK.06/2017 ,which previously addressed the implementation of PMPJ by auction houses (“ Regulation 156/2017 ”), [2] will be repealed and replaced when Regulation 8/2023 ultimately comes into force. [3]