Regulatory Alerts2013-02-18
Bank Indonesia Regulation No.15/1/PBI/2013 Concerning Credit Bureau
Bank Indonesia issued Regulation No.15/1/PBI/2013 to establish a regulatory framework for private Credit Bureaus, known as LPIP, to provide comprehensive credit information beyond the central bank's scope. The regulation mandates that LPIP entities be established as limited liability companies with a minimum paid-up capital of Rp50 billion and restricts single shareholder ownership to a maximum of 51%. It further outlines licensing procedures, data management security requirements, supervisory powers, and administrative sanctions to ensure the accuracy and confidentiality of credit data within Indonesia.
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