Supervision of the Implementation of the KYBO Principle Finally Addressed

Over the past few years, the Indonesian Government has introduced various derivative regulations on the implementation of the Know-Your-Beneficial-Owner (“ KYBO ”) principle in a bid to combat both money laundering and terrorism financing crimes. [1] Recently, the Minister of Law and Human Rights (“ Minister ”) issued a further framework on the KYBO principle, specifically Regulation No. 21 of 2019 on Procedures for the Supervision of the Implementation of the Know-Your-Beneficial-Owner Principle by Corporations (“ Regulation 21/2019 ”) with the ultimate aim of ensuring the compliance of corporations as regards the implementation of the KYBO principle. [2]