Regulatory Alerts2013-12-05
Bank Indonesia Circular Letter No. 15/49/DPKL on Credit Bureau Licensing and Governance
Bank Indonesia issued Circular Letter No. 15/49/DPKL to implement Regulation Number 15/1/PBI/2013 by establishing detailed licensing mechanisms and operational standards for Credit Bureaus (LPIP). The document mandates strict share ownership limits, requiring Indonesian legal entities to hold majority stakes while capping foreign ownership at 20%, and enforces rigorous integrity and competence criteria for Board of Directors and Commissioners. It further outlines a comprehensive approval process involving an Approval in Principle and an Operational License, alongside specific requirements for foreign manpower employment and ongoing supervisory reporting.
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