Indonesia: Additional beneficiary details required for low value IDR cash payment instructions

14.06.2016

Clearstream Banking1 would like to inform customers that, effective

immediately

The Indonesia Central Bank (Bank Indonesia – BI) requires additional beneficiary details to be included on low value IDR cash payment instructions that will be processed via the National Clearing System (BI-SKN).

From 1 July 2016, an administrative sanction of IDR 100,000 per transaction or maximum of IDR 10 million per one audit cycle will be imposed by BI for any low value IDR cash payment instructions sent to BI-SKN with incorrect information.

Impact on customers

Until 30 June 2016, customers making cash payment transactions less than or equal to IDR 500 million are required to indicate the “beneficiary status” as described below.

From 1 July 2016, the threshold for customers to provide this additional “beneficiary status” information described below will change to cash payment transactions less than or equal to IDR 100 million . From this date, for any SKN transaction instruction sent to Bank Indonesia with incorrect information, customers will be subject to an administrative sanction of IDR 100,000 per transaction or maximum of IDR 10 million per one audit cycle imposed by BI

Connectivity medium

Field(s) and details for providing beneficiary information

CreationOnline
Beneficiary InstitutionFormatBIC or Name
Account or ClearingAccount number
BIC or nameBIC address or name
Details of PaymentBeneficiary status "SKN/A/B/C/2"a
Creation via SWIFT and CreationDirect
MT200 financial institution transfer to own accountTag :72:/ACC/Beneficiary Account number
/BNF/Beneficiary status "SKN/A/B/C/2"a
MT202 financial institution transferTag :58a:/Beneficiary Account Number
BIC address or name
Tag :72:/BNF/Beneficiary status "SKN/A/B/C/2" a
MT103 customer payment
(non-financial institution transfer)		Tag :59a:/Beneficiary Account Number
BIC address or name
Tag :70:/BNF/Beneficiary status "SKN/A/B/C/2" a


a. Where:
A. Beneficiary Type: 1 = Individual; 2 = Corporate; 3 = Government;
B. Residential Status: 1 = Resident; 2 = Non-resident; and
C. Transaction Type: 50 = Transfer between customers; 51 = Government transaction (solely to be used for transaction between government institutions); 59 = Reversal/return.

Note: To avoid delays and to ensure the execution of payments on the expected value date, customers are required to instruct and fund according to the standard deadline for executing same-day payments or sending pre-advices of incoming funds, as set out in the Clearstream Banking Cash Timings Matrix for IDR.

Customers are reminded of the IDR cash thresholds determined by BI’s second generation implementation of its Real Time Gross Settlement payment system as set out in announcement A15216, published 19 November 2015.

Further information

The Creation Link Guide – Indonesia will be updated in due course.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF), and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248 (CBL).