Updated guidelines on the implementation of the BI-RTGS System – Indonesia

Bank Indonesia (“BI”) Members of the Board of Governors Regulation No. 23/29/PADG/2021 regarding the Fourth Amendment of BI Members of the Board of Governors Regulation No. 20/15/PADG/2018 regarding the Implementation of Instant Fund Settlement Through the Bank Indonesia-Real Time Gross Settlement (“BI-RTGS”) System.

Enacted and came into force on December 31, 2021, This Regulation amends the guidelines for the implementation of the BI-RTGS System, specifically, letters d and f of Article 62 and the Appendixes of BI Members of the Board of Governors Regulation No. 20/15/PADG/2018. It also adds Article 141A.

With the issuance of this Regulation, the provisions regarding: (i) the preparation of written policies and procedures relating to fraud management or risk; (ii) the handling of suspected fraud and/or incidents of fraud; (iii) the guidelines for formulating written policies and procedures for the BI-RTGS System related to monitoring and reconciliation in the implementation of fund transfer transactions through the BI-RTGS System, as well as fraud management in BI-RTGS System operations; and (iv) the scope of the implementation of the hardware security audit of the BI-RTGS System Participant, as well as the security and protection of data confidentiality, shall be applicable beginning July 1, 2022. Otherwise, the provisions of this Regulation apply beginning December 31, 2021.

By SSEK, Indonesia, a Transatlantic Law International Affiliated Firm. 

For further information or for any assistance please contact indonesia@transatlanticlaw.com

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