to Indonesian
The increasing national economic activities serve as one of the main factors to shore up public confidence in the business climate in Indonesia. The improving public confidence is reflected among others by an upward trend in the flow of Fund Transfer transactions in terms of the number of transactions and the nominal value of transactions.
In addition to smoothness and convenience in Fund Transfers, legal certainty and protection for relevant parties also serve as main factors in Fund Transfers.
To turn the efforts into reality as well as to achieve the ultimate goal of ensuring the security and smoothness of payment system, there need to be comprehensive rule related to Fund Transfers. The absence of comprehensive rule in the form of law on Fund Transfers has of late hampered the settlement of problems arising from Fund Transfers.
On the other hand, the international economy has become increasingly integrated with the global financial market. Cross bFund Transfer Orders have become the need of global economic players and required governments and authorities to make optimum use of the conditions as part of efforts to boost national economies.
As a universal transaction, Fund Transfers involve more and more parties, both domestic and foreign parties. As partners of domestic business agents, foreign parties need to be assured of smooth and secure Fund Transfers in Indonesia. The availability of law on Fund Transfers is badly needed not only for domestic parties but foreign parties as well.
Judging by complex problems and various materials, provisions on Fund Transfer can not be put only in rule lower than law. In addition, rule on evidence and conviction in Fund Transfers requires certainty that all relevant parties and authorities can apply the matter firmly, both in the settlement of disputes and criminal offenses in Fund Transfers.
As part of efforts to give certainty in Fund Transfers, this Law contains several principles of control, such as exception to zero hour rules, finalty of payment/finality of settlement, and delivery versus payment. By not adopting the principle of zero hour rules, Fund Transfers done after 00.00 on that day up to the time of closing the operating system of Executors in the form of banks or the time of reading out a verdict declaring Executors in the form of corporate bodies of Indonesian legal entities other than subsidiaries bankrupt must be settled.
As such, funds that have been transferred to executing beneficiaries cannot be withdrawn. To strengthen the rule, this Law also adopts the principle of finalty of payment/finality of settlement which serves as elaboration of exception to the principle of zero hour rules, in which fund that has moved from one institution to another is in principle final and cannot be withdrawn.
If the process is linked to the obligation of Beneficiary as a seller to deliver goods after receiving fund from the Originator as a buyer, since then the Beneficiary is obliged to deliver goods bought to the Originator (the principle of delivery versus payment).
To apply the same rules to all Executors in conducting Fund Transfers, this Law applies not only to banks carrying out business activities on a conventional basis but also to banks carrying out business activities on a sharia basis and non bank corporate bodies of Indonesian legal entities carrying out business activities on a conventional or sharia basis. For banks and non-bank corporate bodies of Indonesian legal entities carrying out business activities on a sharia basis, rules related to service, interest or compensation and other obligations are adjusted to sharia principles.
To ensure that all the aspects, including consumer protection and know your customer principles are met as well as to prevent banks and non-bank corporate bodies of Indonesian legal entities from being involved in money laundering in Fund Transfers, there need to be rules on licensing and monitoring Fund Transfers. For non-bank corporate bodies of Indonesian legal entities, Fund Transfers can in principle be done after securing approval from the relevant authorities.
In addition, Fund Transfers must be reported periodically to the relevant authorities as part of efforts to monitor Fund Transfers. Since Fund Transfers are one of banks’ activities, they do not require approval from the relevant authorities to carry out Fund Transfers. However, in carrying out Fund Transfers they must continue to meet all aspects set forth in this Law including the obligation to report the activities.
With regard to evidence, since almost all Fund Transfers involve the use of electronic media, this Law firmly stipulates the scope of evidence covering information, electronic documents, and/or their printouts which serve as legal evidence. The rule is meant to accommodate developments in evidence in electronic transactions so that it gives legal certainty to all parties in conducting Fund Transfers. Now those criminal offenses in various transactions are committed not only by individuals but also by corporate bodies, this Law also contains provisions on bringing corporate bodies to justice for allegedly committing criminal offenses in Fund Transfers.
As this Law contains all aspects of Fund Transfers, hopefully, both domestic and foreign parties will increasingly become confident and feel secure in conducting Fund Transfers- not only inside the territory of the Unitary State of the Republic of Indonesia but also from inside to outside the territory of the Unitary State of the Republic of Indonesia and from outside to inside the territory of the Unitary State of the Republic of Indonesia. The condition will have a direct impact on the increasing number of Fund Transfer transactions which will in the end encourage the smooth grow of the national economy.
Self explanatory.
Letter a
What is meant by "Fund Transfers within Executor" are Fund Transfers done by the same Executor, either those done by among offices of the same Executor or those done at one office of the same Executor.
Example: Fund transfer from customer A to customer B through the same bank or from customer A to customer B through the same non-bank corporate body.
What is meant by "Fund Transfers among Executors" are those done by different Executors, either those done among banks, among non-bank corporate bodies or those done between banks and non-bank corporate bodies.
Example: Fund transfer from customer A through Bank X to customer B through Bank Y or from customer A at non-bank corporate body X to customer B through non-bank corporate body Y.
The definition of "Executing Sender and executing Beneficiary within the territory of the Unitary State of the Republic of Indonesia" includes the offices of offshore banks within the territory of the Unitary State of the Republic of Indonesia.
Letter b
Self explanatory.
Letter a
In a Fund Transfer process, the principle of each office of Executors, either similar Executors or different Executors considered as different Executors is meant to confirm the fulfillment of obligation of each office of Executor in realizing Fund Transfer Orders. Yet the principle does not apply to the responsibility of Executor as a corporate body.
Letter b
The principle of zero hour rules is a principle adopted in bankruptcy law stipulating that all transactions made by Executor after 00.00 on the date of stipulating a verdict freezing business activity or revoking a business permit of bank, or of reading out a verdict declaring non-bank corporate body of Indonesian legal entity bankrupt, are considered cancelled or invalid.
By not applying the principle of zero hour rules, all Fund Transfers done after 00.00 on that day up to the time of closing the bank’s operating system or the time of reading out a verdict declaring non- bank corporate body of Indonesian legal entity bankrupt do not become cancelled and must be settled. As such, fund that has been transferred to executing Beneficiary cannot be withdrawn. This is intended to give certainty about smooth payment system as well as to maintain the stability of financial system as a whole.
By not applying the principle of zero hour rules, if:
1) Originator has its business activity frozen or its business permit revoked or is declared bankrupt, the fund will constantly be passed on to the Beneficiary.
Given the condition, a team of liquidators or curators from the Originator is entitled to appraise transactions or motives behind Fund Transfers. In case of wrong or invalid transactions or the motive behind Fund Transfers, the team of liquidators or curators can apply for cancellation of the transactions and ask the Fund Transferred by Originator to be returned as liquidity inheritance or bankruptcy inheritance.
If the Executor is bank, a team of liquidators has the right to appraise the motive behind Fund Transfer and ask for cancellation of Fund Transfer if the transfer is found to have harmed the bank.
2) If Executing Sender has its business activity frozen or its business permit revoked or is declared bankrupt, Fund Transfer Orders realized starting from 00.00 to:
a. the time of closing the operating system of Executing Sender having its business activities frozen or its business permit revoked; or
b. the time of reading out a verdict declaring Executing Sender bankrupt, must be settled.
3) If Executing Sender has its business activities frozen or its business permit revoked or is declared bankrupt, the fund from Fund Transfer Order received by executing Beneficiary will become the right of Beneficiary with settlement done by a team of liquidators or curators of executing Beneficiary according to the law and regulation.
Letter c
Finality of payment/finality of settlement is a principle that fund that has moved from one Executor to another is final and cannot be withdrawn unilaterally by Executing Sender, except if there is a request for cancellation from Executing Sender through the mechanism of cancellation as provided for in this Law.
Letter d
What is meant by "the principle of delivery versus payment" is the principle that if Fund Transfer is an obligation arising from other contract between Sender and Beneficiary at the time when Final Executing Beneficiary has accepted Fund Transfer Orders and therefore, the obligation of Sender to make payments to Beneficiary has been completed and the Sender has the right to the objects contained in the contract.
Letter e
What is meant by "netting mechanism" is the process of calculating the rights and obligations between 2 (two) parties or more done by the operator of Fund Transfer System by considering directly the final results of the rights and obligations owned by the parties (offsetting).
The operator of Fund Transfer System using netting mechanism must carry out each Fund Transfer Order received by the operator of Fund Transfer System and the Fund Transfer Order can no longer be withdrawn unilaterally by the Sender.
In case of a verdict freezing business activities or revoking business permit of bank or declaring non-bank corporate body of Indonesian legal entity as participant of Fund Transfer System using netting system bankrupt, the operator of the Fund Transfer System will continue to conduct the process of calculating Fund Transfer Orders already received for or from the relevant participant on the date when the verdict on liquidation or bankruptcy is put into force.
As such, all transactions made by participant having its business activities frozen or its business permit revoked or declared bankrupt on the date of issuing the verdict freezing business activities or revoking a business permit or at the time of reading out a verdict declaring bankruptcy will constantly be calculated and final settlement will be made according to the rules on Fund Transfer System.
Example: The bankruptcy verdict was read out in Jakarta on November 30, 2010 at 13.00 WIB so that all Fund Transfer Orders received by the operator of Fund Transfer System on November 30, 2010 at 00.00 WIB up to before 13.00 WIB will constantly be calculated and its final settlement will be made.
If the results of netting show that the participant having its business activities frozen or its business permit revoked or declared bankrupt has financial obligation to Executor or other participant, the participant having its business activities frozen or its business permit revoked or declared bankrupt must meet the financial obligation according to the mechanism contained in the rules on the said Fund Transfer System.
If the results of netting show that the participant having its business activities frozen or its business permit revoked or declared bankrupt has the right to receive payments from Executor or other participant, the participant having its business activities frozen or its business permit revoked or declared bankrupt must receive the payments according to the mechanism contained in the rules on the said Fund Transfer System.
Self explanatory.
Given the acceptance by executing Beneficiary for the Fund Transfer Order from Sender, this means that there has been agreement from executing Beneficiary to realize Fund Transfer from the Sender.
The rule as a separate and independent agreement in this paragraph is meant to confirm that although Fund Transfer is a series of activities, legal relations among parties in Fund Transfer process is set based on an agreement among parties involved in each Fund Transfer contract. As such, cancellation of one of the agreement will not automatically cancel other contract.
What is meant by "made according to standard" is a contract made unilaterally by Executing Sender or Final Executing Beneficiary.
What is meant by "law and regulation" is among others law on consumer protection.
Self explanatory.
What is meant by "provisions on bank confidentiality" are provisions on bank confidentiality as intended in the banking law.
What is meant by "Fund Transfer Order can be submitted electronically" is Fund Transfer Order made by means of electronic media used in the realization of Fund Transfer Orders.
Electronic system used for processing Fund Transfer Orders submitted electronically complies with the law on electronic transactions, such as certification of the electronic Fund Transfers.
Fund Transfer Orders that can be given to more than one payments referred to herein are among others standing instruction in which Sender just issues one Fund Transfer Order to be realized more than one occasions by Executing Sender.
Letter a
Self explanatory.
Letter b
Self explanatory.
Letter c
Self explanatory.
Letter d
Self explanatory.
Letter e
In Fund Transfer Orders submitted electronically through an electronic system agreed upon to be used by Originator and Executing Originator, the inclusion of date in Fund Transfer Orders is done automatically by the computer system.
Letter f
What is meant by "law and regulation related to Fund Transfers" are among others provisions on money laundering and know your customers principle.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
What is meant by "news report or message" are among others provisions on appropriation of funds transferred.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
The obligation to notify Originator is done using communication commonly used by Executors, either electronic or non-electronic.
Self explanatory.
Executing Originator can agree on the execution date only if it provides facility for entrusted Fund Transfer Order to be realized later on. If the execution date has been agreed upon, Executing Originator realizes Fund Transfer Order on the execution date.
Executor gives the estimate of duration according to the common practice in Fund Transfers and the estimate of duration does not bind Executing Originator.
Self explanatory.
What is meant by "can be paid" is the same as the definition of acceptance by Final Executing Beneficiary.
Self explanatory.
Self explanatory.
What is meant by "other law and regulation" are among others regulation on money laundering.
What is meant by "contract between Originator and Executing Originator" is among others an agreement on the opening of Account and agreement on the delivery of money.
What is meant by "law and regulation" are among others regulation on money laundering.
Letter a
Self explanatory.
Letter b
What is meant by "the availability of adequate fund" is fund in adequate amount to realize Fund Transfer Orders, which has been paid in cash by Originator or has been available in the Account of Originator at Executing Originator, including overdraft facility or other credits.
Letter c
Self explanatory.
Letter d
What is meant by "law and regulation related to Fund Transfer" are among others regulation on restriction on transactions in rupiah and foreign currency.
Under these provisions, fair reasons to reject accepting Fund Transfer Orders are among others the fact that Executing Originator is unwilling to realize Fund Transfer Orders according to the payment date or the Executing Originator cannot use the service of Next Executor appointed by the Originator.
Self explanatory.
Letter a
Under these provisions, fair reasons are among others the fact that the handover of Fund Transfer Orders by Originator to Executing Originator has come close to the end of the Executing Originator’s operating hours so that it is unlikely for the Executing Originator to process Fund Transfer Orders on the same day.
Letter b
The agreement on acceptance time must not absolutely come in the form of verbal agreement put in official notes of the authorized official of the Executor.
Letter a
Self explanatory.
Letter b
Fund Transfer Orders issued by Executing Originator may come in the form of, among others:
a. transfer papers;
b. electronic data containing Fund Transfer Orders to be processed in the Fund Transfer System; or
c. programming in computer applications to realize Fund Transfer Orders.
Letter c
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Under these provisions, the obligation to pay service, interest, or compensation is meant to confirm the rights of Originator whose account has been debited cy Executing Originator while at the same time the Executing Originator has not issued a Fund Transfer Order to executing Beneficiary.
Self explanatory.
Self explanatory.
These provisions are meant to restrict the responsibilities of Executing Originator so that it will not be burdened with responsibilities other than those provided for in this Law and its implementation regulations.
Letter a
What is meant by "state of danger" is a state of danger announced officially by the government.
What is meant by "riot" includes a clash among groups in the community causing Executor to stop operational activities.
What is meant by "Executing Originator realizing Fund Transfer Orders" is the office of the Executor issuing the Fund Transfer Orders. If the Executor has computerized system which integrates all accounting systems and/or Fund Transfer Systems of the Executor, the definition of Executing Originator realizing Fund Transfer Orders includes the office of the Executor where the computer control center is operated.
Letter b
What is meant by "damage to electronic or non- electronic infrastructure system having a direct impact on the realization of Fund Transfer Orders that cannot be controlled the Executing Originator" is among others damage caused by fire and lightening.
Letter c
What is meant by "failure in clearing system or Fund Transfer System" is failure making the entire clearing system or Fund Transfer System unable to work or operate properly, including the entire supporting system and substitute system or replacing system.
The failure in the system that only occurs at Executing Originator cannot be classified as a failure in the clearing system or Fund Transfer System.
Letter d
What is meant by "other matters stipulated by Bank Indonesia" are among others Bank Indonesia’s decision on the temporary halt to the clearing activities or other activities of Executing Originator.
Self explanatory.
Notification can be made by means of letter or other written facilities to Originator or by means of print media. If the notification is carried in the print media it must be carried at least in one print media publisher having the largest circulation in each of the areas where the Executor and/or the office of the Executor which cannot operate are/is located.
Instruction, stipulation, decision, or decision of the authorized party of a country banning .the realization of Fund Transfer Orders among others in connection with money laundering.
What is meant by "country of origin or country of destination" is the country where Sender comes from or the country where fund will be received.
Self explanatory.
Self explanatory.
Self explanatory.
The obligation to issue new Fund Transfer Orders is the consequence of responsibilities arising from legal relations between Executing Originator and Originator to send fund to Beneficiary according to the Fund Transfer Order from the Originator.
Self explanatory.
The adjustment of the term Originator to previous Next Executor is needed if Executing Originator uses more than one Next Executors.
Letter a
Self explanatory.
Letter b
Self explanatory.
Letter c
What is meant by "other Executor" is Executor other than the àentral bank keeping the Account of Next Executor.
Letter d
Self explanatory.
The use of last date is meant to ensure that Next Executor has adequate information to pass on Fund Transfer Orders and receives fund to be transfer.
The restriction on the responsibilities of Next Executor is meant to ensure that it will not be burdened with responsibilities other than those provided for in this Law and its implementation regulations.
What is meant by "the adjustment of the term Originator to Executing Originator or Next Executor" is a change in the position of parties, namely Executing Originator or Next Executor has the position as Originator.
Letter a
Self explanatory.
Letter b
Self explanatory.
Letter c
What is meant by "other Executor" is Executor other than the central bank keeping the Account of Final Executing Beneficiary.
Letter d
Self explanatory.
The use of last date is meant to ensure that Final Executing Beneficiary has adequate information to pass on Fund Transfer Orders and receives fund to be paid.
The use of foreign currency date follows acceptance date because the obligation of Executor arises when it conducts acceptance.
The realization of Fund Transfer Order in the interest of Beneficiary is marked by among others the acceptance by Final Executing Beneficiary as provided for in this Law and its implementation regulations.
These provisions are meant to restrict the responsibilities of Final Executing Beneficiary so that it will not be burdened with responsibilities other than those provided for in this Law and its implementation regulations.
Self explanatory.
Letter a
Self explanatory.
Letter b
Self explanatory.
Letter c
What is meant by "allocating fund for Beneficiary" is providing fund in a certain Account at Final Executing Beneficiary to be paid by cash to Beneficiary.
Letter d
Self explanatory.
Letter e
Self explanatory.
Letter f
Self explanatory.
Self explanatory.
Self explanatory.
What is meant by "agreement" does not necessarily come in the form of contract only but also in other form, including verbal agreement put in the official notes of the authorized official of Executor.
Self explanatory.
Self explanatory.
Under these provisions, the fair reasons to reject conducting the acceptance of Fund Transfer Orders are among others:
a. Fund Transfer Orders are against law and regulation;
b. Final Executing Beneficiary can not realize Fund Transfer Orders according to payment date;
c. there is difference between Account number and name of Beneficiary’s Account; and
d. Fund Transfer Order is received by Final Executing Beneficiary shortly before the end of the Final Executing Beneficiary’s operating hours so that it is unlikely for the Final Executing Beneficiary to realize the Fund Transfer Order on the same day.
Self explanatory.
Self explanatory.
Self explanatory.
What is meant by "law" is among others law concerning money laundering.
Self explanatory.
Self explanatory.
What is meant by "authorized parties" are among others police, attorney general’s office, the Center for Financial Transaction Reporting and Analysis (PPATK), and court.
What is meant by "law and regulation" are among others regulation on money laundering.
Under these provisions, adequate time is casuistic and situational, among others related to the Fund Transfer System used to realize Fund Transfer Orders.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
The prudential principle referred to herein is realized among others through authentication process.
Examples of fund, transfer system are among others the National Clearing System of Bank Indonesia (SKNBI) and Bank Indonesia Real Time Gross Settlement System (BI RTGS System).
Self explanatory.
Self explanatory.
Self explanatory.,
The casuistic and situational adequate time referred to herein is among others related to the Fund Transfer System used to realize Fund Transfer Orders.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
What is meant by "unrealized Fund Transfer Order" is that the fund is still in the Fund Transfer System of Executing Sender and has not moved to executing Beneficiary.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
What is meant by "the Account of Beneficiary" includes Account among Executors to accommodate immediate obligation to Beneficiary.
If the fund in the Account of Beneficiary is not enough, the debiting is done as much as the amount of fund available after being reduced by minimum balance that must be maintained by the holder of Account at the Executor.
Self explanatory.
In principle, the party entitled to receive service, interest or compensation for lateness is Beneficiary.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Letter a
Debit Transfer facility issued by the Executing Originator of Debit Transfer itself is among others inter-bank debit note.
Certain Debit Transfer facility issued by the executing payer of Debit Transfer paying Executor includes check, transfer form, and draft.
Letter b
Self explanatory.
With the receipt of certain Debit Transfer facility as Debit Transfer order, the executing Beneficiary of Debit Transfer does not require the issuance of new Debit Transfer order.
Letter a
Self explanatory.
Letter b
Authentication is needed among others to check the authority of final Debit Transfer in issuing Debit Transfer order.
Letter c
Self explanatory.
Letter d
Self explanatory.
Letter a
What is meant by "issuing a Debit Transfer order in the interest of Debit Transfer Originator" is issuing a Debit Transfer order to carry out a collection order given by the final Debit Transfer Beneficiary.
Letter b
Self explanatory.
Letter c
Self explanatory.
Self explanatory.
What is meant by "relevant parties in realizing Debit Transfer" are among others Debit Transfer payer, executing Debit Transfer payer, and Debit Transfer Originator to make payments to the Debit Transfer Originator at the charge of the Account of Debit Transfer payer.
What is meant by "written agreement" is an agreement between Debit Transfer payer and final Debit Transfer Beneficiary on the way how tho final Debit Transfer Beneficiary gets payments from the Debit Transfer payer for the achievement made by the final Debit Transfer Beneficiary, namely the way by which the final Debit Transfer Beneficiary issues a request for payments among others in the form of inter- bank debit notes to allow the Final Executing Beneficiary of Debit Transfer to collect the fund from the Debit Transfer payer.
Letter a
Self explanatory.
Letter b
Authentication is needed among others to check the authority of Debit Transfer payer in making payments.
Letter c
Self explanatory.
Letter d
Self explanatory.
Letter e
What is meant by "parties" are among others Debit Transfer payer, Debit Transfer Paying Executor, Final Executing Beneficiary of Debit Transfer, and/or final Debit Transfer payer.
Self explanatory.,
Self explanatory.
What is meant by "fair reason and period of time" is among others the handover of Debit Transfer order by final Debit Transfer Beneficiary to Final Executing Beneficiary of Debit Transfer has neared the end of the operating hour of the Final Executing Beneficiary of Debit Transfer so that it is unlikely for the Final Executing Beneficiary of Debit Transfer to process the Debit Transfer order on the same day.
Self explanatory.
Self explanatory.
What is meant by "fair reason" is among others that payment accepted by Final Executing Beneficiary of Debit Transfer has neared the end of the operating hours so that it is unlikely for the Final Executing Beneficiary of Debit Transfer to reject it and return fund.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Debit Transfer order can be done using Debit Transfer facilities, such as check, transfer form, draft or other form received from final Debit Transfer payer or clearing debit note issued by the Final Executing Beneficiary of Debit Transfer itself.
Self explanatory.
Self explanatory.
All provisions related to the date of withdrawal, effective date, grace period of offer, and expired date comply with provisions on each document.
Self explanatory.
The obligation to obtain a permit is done in view of the fact that Fund Transfer is in principle an activity that needs to be supervised because it is related to the interest of the public whose fund is mandated to be transferred. The obligation to obtain a permit does not apply to Executor in the form of bank because a permit to carry out Fund Transfer activities are part of the bank’s business activities as provided for in the banking law.
Legal entities of non-bank corporate bodies that can carry out Fund Transfers are Indonesian legal entities, such as limited liability company and cooperative.
Self explanatory.
Self explanatory.
Self explanatory.
Oversight consists of monitoring, assessment and other activities inducing change.
Monitoring is an activity aimed at getting information on the realization of Fund Transfers.
Assessment is an activity aimed at identifying and assessing the realization of Fund Transfers.
Activity inducing change is an effort to induce industrial change in the realization of Fund Transfers made among others through moral call, consultative meeting, enforcement of sanctions, cooperation with other institutions, and adoption of guidance or guideline for industries.
What is meant by "relevant supervisory authorities" are among others financial service supervisory institution and ministry in charge of post, telecommunication, and informatics.
Self explanatory.
Self explanatory.
Self explanatory.
What is meant by "other parties" are parties which according to Bank Indonesia have the capacity to conduct monitoring and assessment. They can conduct the monitoring and/or assessment themselves or in cooperation with Bank Indonesia.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Under these provisions, electronic information in Fund Transfers is an electronic datum or group of electronic data in Fund Transfers, among others in the form of written material, sound, picture, electronic data interchange (EDI), electronic mail, telegram, telex, telecopy or the like, letters, marks, figures, access codes, symbols, or perforation that have been processed and have meaning or can be understood by those who have the capacity to understand them.
Under these provisions, electronic document in Fund Transfers is each electronic information made, passed on, sent, received or kept in the form of analog, digital, electromagnetic, optical materials or the like that can be watched, displayed and/or heard through computer or electronic system, including written material, sound, picture, or the like, letters, marks, figures, access codes, symbols or perforation that have meaning or can be understood by those that have the capacity to understand them.
What is meant by "electronic signature" is electronic information that is attached and has direct ties or is related to other electronic information made by the signatory to show the identity of legal subject, for instance, access code (password), public key infrastructure (digital signature), biometric, and symmetric cryptography.
To check the validity of electronic signature follows the law on electronic information and transactions.
What is meant by "other party controlling the system" is the party operating the Fund Transfer System.
Self explanatory.
Self explanatory.
What is meant by "fund owned by other person" includes fund owned by Executing Sender.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
What is meant by "corporate body" is an organized group of people, both corporate bodies and non legal entities.
Self explanatory.
Letter a
Corporate body controlling personnel consist of every person that has the power or authority as a decision maker of the corporate body or has the authority to implement the policies of the corporate body without having to obtain authority from their superiors.
Letter b
Self explanatory.
Letter c
Self explanatory.
Letter d
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
Self explanatory.
SUPPLEMENT TO STATUTE BOOK OF THE REPUBLIC OF INDONESIA No. 5204