to Indonesian
a. that the Fund Transfer activities in Indonesia have shown increasing, in the number of transactions, total transactions nominal value, or types of media are used;
b. that along with increased development Fund Transfer transactions media and the problems that occur, it is necessary arrangements to ensure security and smooth transaction of Fund Transfer and provide certainty for the parties involved in the execution of the Fund Transfer activities;
c. that the implementation of the safe, smoothly, and provide certainty Fund Transfer for the parties involved is expected to realize the smooth national payment system;
d. Based on the considerations as intended in paragraph a, paragraph b, and paragraph c, it is necessary to form the Law on Fund Transfer;
1. Article 5 paragraph (1), Article 20 and Article 23D of the 1945 Republic of Indonesia Constitution;
2. Law No. 7/1992 concerning Banking (Statute Book of the Republic of Indonesia No. 31/1992, Supplement to Statute Book of the Republic of Indonesia No. 3472) as amended by Law No. 10/1998 concerning Amendment to Law No. 7/1992 concerning Banking (Statute Book of the Republic of Indonesia No. 182/1998, Supplement to Statute Book of the Republic of Indonesia No. 3790);
3. Law No. 23/1999 concerning Bank Indonesia (Statute Book of the Republic of Indonesia No. 66/1999, Supplement to Statute Book of the Republic of Indonesia No. 3843) as amended by Law No. 6/2009 concerning the Stipulation of Government Regulation in Lieu of Law No. 2/2008 concerning Second Amendment to the Law No. 23/1999 concerning Bank Indonesia Becoming Law (Statute Book of the Republic of Indonesia No. 7/2009, Supplement to Statute Book of the Republic of Indonesia No. 4962);
4. Law No. 11/2008 concerning Electronic Information and Transaction (Statute Book of the Republic of Indonesia No. 58/2008, Supplement to Statute Book of the Republic of Indonesia No. 4843);
5. Law No. 8/2010 concerning the Prevention and Combating Money Laundering (Statute Book of the Republic of Indonesia No. 122/2010, Supplement to Statute Book of the Republic of Indonesia No. 5164);
LAW CONCERNING FUND TRANSFER.
In this Law:
1. Fund transfer is a series of activities starting from an order from Originator to transfer a sum of fund to Beneficiary stated in the Fund Transfer Order until the Beneficiary receives the fund.
2. Fund transfer Executor, hereinafter called as Executor, is bank and non-bank corporate body in the form of Indonesian legal entity that executes Fund Transfers.
3. Bank is a bank as intended in the law on the banking industry.
4. Fund is:
5. Fund Transfer Order is an unconditional order from Sender to executing Beneficiary to pay a certain amount of funds to Beneficiary.
6. Sender is an Originator, Executing Originator, and all Next Executors issuing Fund Transfer Orders.
7. Originator is the first party issuing a Fund Transfer Order.
8. Executing Sender is an Executing Originator and! or Next Executor sending a Fund Transfer Order.
9. Executing Originator is an Executor receiving a Fund Transfer Order from Originator to make payments or issue an order to other Executor to pay a certain amount of fund to Beneficiary.
10. Executing Beneficiary is an Executing Originator, Next Executor, and/or Final Executing Beneficiary receiving a Fund Transfer Order including the central bank and other Executor settling payment among Executors.
11. Next Executor is executing Beneficiary other than Executing Originator and Final Executing Beneficiary.
12. Final executing Beneficiary is an Executor making payments or sending funds as the result of transfer to Beneficiary.
13. Beneficiary is a party stated in a Fund Transfer Order to receive funds as the result of transfer.
14. Authentication is a procedure made by executing Beneficiary to ensure that the issuance of a Fund Transfer Order, change or cancellation is really done by party who in a Fund Transfer Order is meant as eligible Sender.
15. Acceptance is the activity carried out by executing Beneficiary showing approval to execute or fulfill the content of Fund Transfer Order received.
16. Execution date is a certain date in which executing Beneficiary must execute a Fund Transfer Order from Originator.
17. Payment date is a date when Final Executing Beneficiary must prepare funds that can be used in the interests of Beneficiary.
18. Account is a giro account, saving account, other account or other form of recording, either that owned by an individual, institution or group, that can be debited and/or credited within the framework of Fund Transfer, including the Account of inter offices of the same operator.
19. Fund transfer system is an integrated system to process Fund Transfer Orders using electronic means or other means according to the regulation.
20. Debit Transfer order is an unconditional order from Debit Transfer Sender to Debit Transfer Executing Sender to collect a certain amount of fund to Debit Transfer paying Executor to be paid to the final Debit Transfer Beneficiary.
21. Debit Transfer Sender is a Debit Transfer Originator, Debit Transfer Executing Originator and all next transfer debit Executors issuing Debit Transfer orders.
22. Debit Transfer Originator or final Debit Transfer Beneficiary is the first party submitting a Debit Transfer order to Debit Transfer Executing Originator who at the same time acts as a party entitled to receive fund.
23. Debit Transfer payer is a party having the obligation to pay a certain amount of fund to final Debit Transfer Beneficiary through Debit Transfer Paying Executor.
24. Debit Transfer Executing Originator or final Debit Transfer executing Beneficiary is an Executor receiving a Debit Transfer order from final Debit Transfer Beneficiary or party issuing a Debit Transfer order for its own interests and later asking Debit Transfer paying Executor to pay a certain amount of fund to final Debit Transfer executing Beneficiary to be paid to final Debit Transfer Beneficiary.
25. Debit Transfer Executing Sender is a final Debit Transfer executing Beneficiary and/or next Debit Transfer Executor sending a Debit Transfer order.
26. Debit Transfer executing Beneficiary is final Debit Transfer executing Beneficiary, next Debit Transfer Executor, and/or Debit Transfer paying Executor receiving a Debit Transfer order, including the central bank and other Executor carrying out the final settlement of payment among Executors.
27. Next Debit Transfer Executor is Debit Transfer executing Beneficiary other than Debit Transfer paying Executor passing on Debit Transfer order.
28. Debit Transfer paying Executor is Executor making payments or sending funds as the result of transfer to final Debit Transfer Beneficiary.
29. Working day is a day in which executing Beneficiary opens office to carry out Fund Transfer activities.
Provision in this Law shall apply to:
This Law adopts general principles as follows:
Executors internal provisions on Fund Transfers, either those used in the interests of the Executors concerned or those related to customers, shall not run counter to this Law.
(1) Fund Transfer Orders that have secured acceptance serve as a contract.
(2) A contract leading to Fund Transfers between Originator and Beneficiary, a contract between Originator and Executing Originator, a contract between Executing Originator and Next Executor or Final Executing Beneficiary, and a contract between Next Executor and Next Executor or Final Executing Beneficiary shall respectively constitute a separate and independent contract.
(3) In case of a contract between Originator and Executing Originator, a contract between Executing Originator and Next Executor or Final Executing Beneficiary and a contract between Next Executor and Next Executor or Final Executing Beneficiary, clauses in the contracts shall comply with the law and regulation.
(4) In realizing Fund Transfer Orders, operator can examine a contract or verify contract documents between Sender and Beneficiary leading to Fund Transfer, except otherwise stipulated in the law and regulation.
To confirm electronic Fund Transfer transactions, the notification of Account number and/or name of Beneficiary can be excepted from provisions on bank confidentiality.
(1) Fund Transfer Orders can be made in writing or electronically.
(2) The Fund Transfer Orders as intended in paragraph (1) can be given for one or more payments.
(1) Fund Transfer Orders as intended in Article 7 paragraph (1) shall at least carry the following information on:
(2) The identity of Originator as intended in paragraph (1) a shall cover at least name and Account number or if the Originator does not have Account at Executing Originator, the identity shall at least cover name and address according to the law and regulation.
(3) The identity of Beneficiary as intended in paragraph (1) b shall at least cover name and Account number or if the Beneficiary does not have Account at the Final Executing Beneficiary, the identity shall at least cover name and address according to the law and regulation.
(4) Information on the identity of Final Executing Beneficiary as intended in paragraph (1) c can be put in Fund Transfer Order whose fund is intended to be received by Beneficiary by cash.
(5) Information on the identity of Originator as intended in paragraph (2) can be passed on to Beneficiary in case of a request from Originator to Executing Originator to pass on the information to Beneficiary.
(6) Originator can put news or messages in Fund Transfer Orders.
(7) If Originator puts news or messages in Fund Transfer Orders, Executing Originator shall notify the news or messages as intended in paragraph (6) to executing Beneficiary to inform Beneficiary.
(8) The procedure of Fund Transfer from and to abroad as intended in paragraph (1) shall be provided for in Regulation of Bank Indonesia.
(1) Originator shall mention information as intended in Article 8 paragraph (1) in a complete way, except Fund Transfer Order whose fund is intended to be received by Beneficiary by cash, with the procedure of filling it as intended in Article 8 paragraph (4).
(2) If Originator does not carry out the obligation as intended in paragraph (1), Executing Originator shall have the right not to execute Fund Transfer Order.
(3) If Executing Originator does not execute Fund Transfer Order for the reason as intended in paragraph (2), the Executing Originator shall inform Originator of the reason not to execute the fn transfer order no later than on the following working day after the date when Fund Transfer Order has been received from Originator.
(4) The period of notification as intended in paragraph (3) can be excepted based on a contract between Executing Originator and Originator.
Originator can put Execution Date in the Fund Transfer Order based on a contract with the Executing Originator.
Originator has the right to get information from Executing Originator about the projected period of time for the execution of Fund Transfer.
(1) Originator can put payment date in the Fund Transfer Order, provided it is not set earlier than the date when Final Executing Executor receives the Fund Transfer Order.
(2) If Executing Originator agrees on the inclusion of payment date as intended in paragraph (1), the Executing Originator shall ensure that fund can be paid to Beneficiary according to the payment date put in the Fund Transfer Order.
(3) If the payment date of Fund Transfer Order as intended in paragraph (1) falls on holiday, the payment date of Fund Transfer Order shall be the following working day.
Fund Transfer Order will be considered to have been issued by Originator if Fund Transfer Order has been sent by Originator and received by Executing Originator.
(1) Executing Originator shall execute Fund Transfer Order according to the content of the Fund Transfer Order received from Originator by observing this Law and other laws.
(2) In executing Fund Transfer Order from Originator, Executing Originator shall observe the contract between the Originator and the executing originato r.
(3) If the fund to be transferred originates from cash payments, Executing Originator can examine the authority of Originator over the fund to be transferred, except required in the law and regulation.
(1) Executing Originator can accept Fund Transfer Order if it meets the following requirements:
(2) Executing Originator can only reject to accept Fund Transfer Order for fair reasons.
(1) If Executing Originator conducts acceptance, it shall be done immediately on the same date as that of receiving Fund Transfer Order from Originator.
(2) Deviation from the acceptance time as intended in paragraph (1) can be done only if there is:
(1) If the terms of acceptance as intended in Article 15 paragraph (1) are met, Executing Originator shall be considered to have conducted acceptance if it has carried out the following activities:
(2) Executing Originator shall be considered to have conducted acceptance if it has received a Fund Transfer Order and does not reject the Fund Transfer Order in the next 1 (one) working day after the date of receiving the Fund Transfer Order.
(3) If Executing Originator carries out more than one activities as intended in paragraph (1) and paragraph (2), acceptance time is calculated since the first acceptance.
(4) The debiting of the Account as intended in paragraph (1) a shall be done on the same date as that of issuing a Fund Transfer Order from Executing Originator.
(5) If the debiting of Originator’s Account by Executing Originator is done earlier than the date of issuing a Fund Transfer Order, the Executing Originator shall pay service, interest or compensation to the Originator starting from the date of debiting the Originator’s Account to the date of issuing the Fund Transfer Order.
The Fund Transfer Order as intended in Article 17 paragraph (1) b shall be considered to have been issued if the Fund Transfer Order has been by Executing Originator to executing Beneficiary and has been received by the executing Beneficiary, either directly or by way of Fund Transfer System.
(1) Executing Originator can reject to conduct acceptance for fair reasons no later than the following working day after the date of receiving a Fund Transfer Order from Originator, except otherwise agreed upon.
(2) If Executing Originator rejects to conduct acceptance as intended in paragraph (1), Executing Originator shall notify the rejection and its reasons to Originator on the same date as that of rejecting acceptance.
(3) If Executing Originator does not execute Fund Transfer Order after conducting acceptance, the Executing Originator shall pay service, interest or compensation to Originator starting from the date of acceptance to the date of returning fund.
Executing Originator that has accepted a Fund Transfer Order shall be responsible to Originator for the execution of the Fund Transfer Order until Final Executing Beneficiary accepted it according to this law and its implementation regulations.
(1) Executing Originator that has accepted a Fund Transfer Order shall remain responsible for executing the Fund Transfer Order despite the following conditions:
(2) In case of the conditions as intended in paragraph (1), Executing Originator that does not execute a Fund Transfer Order after conducting acceptance shall remain obliged to pay service, interest, or compensation to Originator for the fund that should have been transferred.
In case of the conditions as intended in Article 21, Executing Originator shall notify follow-up actions to handle the Fund Transfer Order to Originator.
(1) Executing Originator shall not continue the execution of Fund Transfer Order if there is order, stipulation, decree, or decision from the authorized party in the country of origin or country of destination banning the execution of the Fund Transfer Order.
(2) If Executing Originator cannot settle Fund Transfer because of the conditions as intended in paragraph (1) Fund Transferred will be needed according to order, stipulation, decree or decision from the authorized party.
In case of the conditions as intended in Article 23, Executing Originator shall notify the conditions to Originator on the same day or no later than the following working day.
In executing a Fund Transfer Order, Executing Originator can use the service of Next Executor.
If Executing Originator decides the use of Next Executor and the Next Executor cannot execute a Fund Transfer Order because its business activity is frozen or, its business permit is revoked or it is declared bankrupt, the Executing Originator shall issue a new Fund Transfer Order at the charge of the Executing Originator without having to wait for a refund from the Next Executor whose business activities are frozen or whose business permit is revoked or which is declared bankrupt.
Procedures of making payments and calculating a period of time and the amount of service, interest or compensation as intended in Article 17 paragraph (5), Article 19 paragraph (3), and Article 21 paragraph (2) as well as procedures of notifying and handling Fund Transfer Order as intended in Article 22 and Article 24 are to be provided for in Regulation of Bank Indonesia.
Except specially stipulated in this paragraph, the provisions as intended in Article 1 4 to Article 27 shall also apply to execution of Fund Transfer Orders and execution or rejection by Next Executor of the acceptance of Fund Transfer Order by changing Originator into Executing Originator or previous Next Executor.
Next Executor shall execute Fund Transfer Order in case of adequate fund in one of the Accounts as follows:
In case Next Executor receives Fund Transfer Order not on the same date as that of receiving funds in the Account as intended in Article 29, by observing provisions in Article 16 and Article 17, the acceptance of Fund Transfer Order shall be done by Next Executor on the latest date between the two dates.
Next Executor that has done the acceptance of Fund Transfer Order shall be responsible to previous Executing Sender for the execution of the Fund Transfer Order until the acceptance by Final Executing Beneficiary according to the law and its implementation regulations.
Except specially stipulated in this Part, execution of Fund Transfer Order and execution or rejection Acceptance of Fund Transfer Order by Final Executing Beneficially shall be conducted based on Fund Transfer Order and execution or rejection Acceptance of Fund Transfer Order by Executing Originator as intended in Article 14 to Article 27 shall be done by changing Executing Originator into Next Executor.
Final executing Beneficiary shall execute Fund Transfer Order in case of adequate fund in one of the Accounts as follows:
(1) If Final Executing Beneficiary receives Fund Transfer Order not on the same date as that of receiving fund in the Account as intended in Article 33, by observing provisions in Article 16 and Article 17, acceptance of Fund Transfer Order shall be done by Final Executing Beneficiary on the latest date between the two dates.
(2) If Fund Transfer Order mentions date of payment and the date of payment comes later than the date of acceptance, the value of fund shall be calculated according to the date of currency at the time of acceptance.
Executor of Final Executing Beneficiary that has made acceptance of Fund Transfer Order shall be responsible to previous Executing Sender in the interest of Beneficiary according to this Law and its implementation regulations.
(1) If Final Executing Beneficiary makes acceptance, the acceptance shall be done on the same date as that of receiving Fund Transfer Order from previous Executing Sender.
(2) Final executing Beneficiary has done acceptance of Fund Transfer Order from previous Executing Sender if it has done the following activities:
(3) If Final Executing Beneficiary carries out more than one activities as intended in paragraph (2) acceptance time shall start from the acceptance which happens first.
(4) Final executing Beneficiary shall be considered to have conducted acceptance if it carries out none of the activities as intended in paragraph (2) on the following working day after the date of receiving Fund Transfer Order and fund from previous Executing Sender.
(5) Provisions in paragraph (4) can be excepted in case of an agreement between Final Executing Beneficiary and Executing Originator or Next Executor on acceptance time recorded and/or written in the administration of Final Executing Beneficiary.
(6) If Final Executing Beneficiary has its business activities frozen or its business permit revoked or is declared bankrupt before carrying out one of the acceptance activities as intended in paragraph (1) received by Final Executing Beneficiary and there is no mistake in transfer from Executing Sender, the Final Executing Beneficiary shall be considered to have accepted the Fund Transfer Order.
(1) Fund from transfer that must be taken by cash by Sender but has not yet been taken within a certain period of time after the notification as intended in Article 38 paragraph (2) f, Final Executing Beneficiary shall again notify Sender twice within a reasonable period of time.
(2) If fund from transfer has been 3 (three) times notified as intended in paragraph (2) but is, not taken by Beneficiary, the fund shall be returned to Executing Originator to be transferred to Originator.
(3) If the whereabouts of Originator as intended in paragraph (2) is unknown within a period of 90 (ninety) days, the fund from transfer shall be handed by Executing Originator to the Inherited Wealth Body according to the law and regulation.
(1) The Final Executing Beneficially can reject acceptance based on reasonable ground no later than the next working day after the date of receipt of Fund Transfer Order from previous Executing Sender, unless agreed otherwise.
(2) its reasons for rejection as intended in paragraph (1) is notified to the Executing Sender on the same date with date of rejection acceptance.
(3) Notification on the same date as intended in paragraph (2) does not apply if there is not enough information about the identity of the previous Executing Sender.
(4) If the Final Executing Beneficially does not do Fund Transfer Order after does acceptance, Final Executing Beneficially shall pay for services, interest, or compensation to the previous Executing Sender to be forwarded to the Originator.
(5) The obligation of payment services, interest, or compensation by the Final Executing Beneficially to the previous Executing Sender as intended in paragraph (4) are exempted if Final Executing Beneficially does not do Fund Transfer Order based on Law.
Provisions on the acceptance procedures and taking period as intended in Article 36 and Article 37 as well as the manner of payment, calculation of period, and the amount of services, interest, or compensation as intended in Article 38 paragraph (4) stipulated in Regulation of Bank Indonesia.
Fund Transfer Process ends at the time of Fund Transfer is received by the Beneficially or Final Executing Beneficially have done the things as intended in Article 36 paragraph (2).
In case Executing Beneficially does not do Acceptance, Executing Beneficially shall immediately implement the Fund Transfer Order, unless the Executing Beneficially to defer in accordance with laws and regulations or a request from the authorities.
(1) Cancellation of Funds Transfer by Sender can only be done as long as the cancellation request has been received by the Executing Beneficially and Executing Beneficially have enough time to carry out the cancellation and/or the Final Executing Beneficially has not taken Acceptance steps as intended in Article 36 paragraph (2).
(2) In addition to meeting the provisions as intended in paragraph (1), cancellation by the Sender can only be done with reason:
(3) In case Final Executing Beneficially have done Acceptance steps as intended in Article 36 paragraph (2), the application for cancellation of Fund Transfer Order is processed in accordance with the provisions of the Fund refund order.
(4) All costs incurred in connection with the cancellation of Fund Transfer Order as intended in paragraph (1), paragraph (2), and paragraph (3) is borne Sender that asked the cancellation.
(5) Executing Originator is exempted from all legal consequences arising from the cancellation of Fund Transfer Orders by Originator as intended in paragraph (2) a.
(6) In case of cancellation as intended in paragraph (2) b, the Executing Originator shall pay for services, interest, or compensation and return the transfer fee to the Originator.
(7) The provisions on the payment procedure, calculation of period, and the amount of services, interest, or compensation as intended in paragraph (6) stipulated in Regulation of Bank Indonesia.
Cancellation of Fund Transfer Order as intended in Article 42 paragraph (1) be in writing or by other means specified by the Originator with regard to the principle of prudence.
(1) Cancellation as intended in Article 42 and Article 43 carried out according to the procedures applicable in each Fund Transfer System.
(2) In case of Fund Transfer System does not set the rules concerning the cancellation as intended in paragraph (1), the cancellation is done with the procedure in accordance with the agreement between the Executor involved in the cancellation process.
(1) Cancellation of Fund Transfer Order can be done based on stipulation or decision of Court.
(2) Executing Beneficially exempted from all legal consequences arising from the cancellation of Fund Transfer Order based on stipulation or decision of court as intended in paragraph (1).
(1) Change Fund Transfer Orders can only be done by the Executing Sender if there is a misdtake that set out in Chapter V Part Two by taking the precautionary principle.
(2) Change of Fund Transfer Order as intended in paragraph (1) conducted by the Executing Beneficially if the Executing Beneficially have enough time to implement changes and/or the Final Executing Beneficially has not taken Acceptance steps as intended in Article 36 paragraph (2).
(1) In case Fund Transfer Order did not take place due to the circumstances as intended in Article 21 paragraph (1) and Origin Sender ask for cancellation Fund Transfer Order and return fund from Executing Originator, Executing Originator shall return the funds to the Originator.
(2) In case the Executing Originator late to return fund as intended in paragraph (1), Executing Originator shall pay services, interest, or compensation.
In case the Next Executor can not execute Fund Transfer Order, return of fund as intended in Article 47 carried by the following provisions:
Provisions concerning the procedures for payment, calculation of period, and the amount of services, interest, or compensation as intended in Article 47 paragraph (2) and procedure to return Fund as intended in Article 48 stipulated in Regulation of Bank Indonesia.
In case of Executing Sender business activities is frozen or business permit is revoked or declared bankrupt, Fund Transfer Order must be settled if that Fund Transfer Order is:
(1) In case of Executor business activities is frozen or business permit is revoked or declared bankrupt, Fund that is in Fund Transfer Process must be returned to:
(2) The return of funds as intended in paragraph (1) b shall be in accordance with the provisions on the return of funds with no prejudice to the provisions on the obligation of the Executing Sender to send the new Fund Transfer Order at the expense of its own.
(3) In case of Final Executing Beneficially business activities are frozen or business permit is revoked or declared bankrupt, right on the fund that is received by Final Executing Beneficially shall be regulated as follows:
(4) The mechanism of return Funds as intended in paragraph (1), paragraph (2), and paragraph (3) conducted in accordance with the provisions of the legislation on the frozen of business activities, revocation of business licenses, or bankruptcy.
The provisions on the obligation of Fund Transfer Order settlement as intended in Article 50 and the criteria of Fund Transfer Order has not been implemented as intended in Article 51 paragraph (1) stipulated in Regulation of Bank Indonesia.
(1) In case of cancellation of Fund Transfer Order based on Court determination or decision as intended in Article 45 paragraph (1), Final Executing Beneficially shall withhold or withdraw fund result of transfer along there is fund in the Account of Beneficiary or the Fund has not been paid in cash to the Receiver.
(2) Funds withheld or withdrawn by the Final Executing Beneficially as intended in paragraph (1) shall be returned to the party entitled to in accordance with the determination or decision of the Court.
(1) Any Operator who late in carry out Fund Transfer Order has responsibility to pay for services, interest, or compensation for such delay to the Receiver.
(2) Provisions on the procedures for payment, calculation of period, and the amount of services, interest, or compensation as intended in paragraph (1) stipulated in Regulation of Bank Indonesia.
In the of delay in implementing Fund Transfer Order caused by the Next Executor or Final Executing Beneficially, the obligation of payment services, interest, or compensation for the delay to Recipient as intended in Article 54 paragraph (1) remains the obligation of the Executing Originator without limiting the right to apply for reimbursement to the Next Executor or Final Executing Beneficially who do delay in forwarding Fund Transfer Order.
(1) In case the Executing Sender made a mistake in the execution of Funds Transfer, Executing Sender must promptly correct the mistake by making the cancellation or change.
(2) Executing Sender late to correct mistake as intended in paragraph (1) must pay for services, interest, or compensation to the Receiver.
(1) In case of Final Executing Beneficially make mistake Acceptance Funds Transfer Order so Acceptance done for the benefit recipients who are not entitled, Final Executing Beneficially shall correct the mistake on the Mistake in Acceptance and make correction on the Acceptance for the benefit of eligible Recipients.
(2) Final Executing Beneficially who is late to correct mistake on Acceptance as intended in paragraph (1) must pay for services, interest, or compensation to the Receiver.
The provisions concerning the type of error, the procedure to correct the mistake, as well as procedures for the calculation and payment of services, interest, or compensation as intended in Article 56 and Article 57 stipulated in Regulation of Bank Indonesia.
Executing Beneficially is responsible to help Originator and every previous Executor or Executor on the settlement of Fund Transfer Order until finishing of Fund Transfer, including In case of cancellation or correction Funds Transfer Order.
Debit Transfer is a series of 2 (two) integral activities, which include:
Means of a debit transfer as intended in Article 60 has function as a Debit Transfer Order.
(1) Debit Transfer Executing Originator can only do Acceptance of Debit Transfer Order if all the following requirements are met:
(2) Debit Transfer Executing Originator has done Acceptance of Debit Transfer Order from Debit Transfer Originator if it has been doing one of the following activities:
(3) Acceptance for Debit Transfer Executing Originator in this Chapter is conducted in accordance with the provisions of Article 17 through Article 20.
(4) In case that the implementation of Debit Transfer is based on the orders of Debit Transfer originator to make direct debit of the Debit Transfer Payer Account, Acceptance by Debit Transfer Executing Originator is only performed if there is a written agreement between the parties involved in the implementation of a Debit Transfer.
(1) Debit Transfer Paying Executor can only do Acceptance of Debit Transfer Order if all the following requirements are met:
(2) Debit Transfer Paying Executor is deemed to do Acceptance if it had been done debit Account of Debit Transfer Payer.
(3) In case of Debit Transfer Paying Executor do Acceptance, the Debit Transfer Paying Executor shall pay the Fund to Debit Transfer Executing Originator in accordance with Debit Transfer Order that is received from Debit Transfer Executing Originator on the date of debit Account of Debit Transfer Payer.
(4) Violations of the time of Acceptance as intended in paragraph (1) can only be done if there is a reason and a reasonable time period.
(1) In case Debit Transfer Final Executing Beneficially received Debit Transfer Order from Debit Transfer Originator that request debit order:
(2) In case there is a difference between the nominal amount specified in the Transfer Debit Order submitted by the Debit Transfer Executing Originator and the nominal amount paid by the Debt Transfer Paying Executor, Debit Transfer Executing Originator shall reject and return the funds to Debt Transfer Paying Executor..
(3) Violations of the obligation of return fund and rejection notice as intended in paragraph (2) can only be done based on reason and reasonable time period.
(4) In case the Debit Transfer Final Executing Beneficially reject and return the Fund as intended in paragraph (2), Debit Transfer Payer Executor shall return back fund to the Debit Transfer Final Executing Beneficially in accordance with the amount specified in the Debit Transfer Order.
(5) Violations of the obligation to return Fund as intended in paragraph (4) only be based on reason and reasonable time period specified.
(6) In case of error on the giving Fund that amount does not correspond with the Debit Transfer Order, Debit Transfer Payer Executor shall pay for services, interest, or compensation.
(7) The provisions on the time period, procedures for calculation, and the imposition of the amount of services, interest, or compensation as intended in paragraph (6) stipulated in Regulation of Bank Indonesia.
(1) In case there is a difference between the amount of money that was written in letters and text written in the Debit Transfer Order:
(2) In case Debit Transfer Executing Beneficially reject to do acceptance on the Debit Transfer Order as intended in paragraph (1) a, Debit Transfer Executing Beneficially shall return Debit Transfer Order as soon as possible and no later than 3 (three) Working Days to the Debit Transfer Sender with the reason for rejection.
Implementation of activities in the debit transfer payment as intended in Article 60 paragraph b, is implemented in accordance with the provisions of Fund Transfer, except as otherwise provided in this Chapter, with reference to the following adjustments:
In case of any provision of legislation regulating the means of Debit Transfers are used as a Debit Transfer Order, the use of Debit Transfer facilities are subject to that provision as long as not in conflict with this Law.
(1) Every Executor has the right to charge a Transfer Funds fee.
(2) Executing Originator shall provide information concerning the amount of Fund Transfer fee as intended in paragraph (1) to the Originator.
(3) Provisions concerning procedures for imposing fee and obligations of providing information as intended in paragraph (1) and paragraph (2) stipulated in Regulation of Bank Indonesia.
(1) Non Bank business entity that conducting Fund Transfer Executing activities shall be incorporated in Indonesia and obtained permit from Bank Indonesia.
(2) The permit requirements and procedures for Fund Transfer Executor as intended in paragraph (1) are stipulated in Regulation of Bank Indonesia.
Non Bank Business Entity that does Fund Transfer activities as intended in Article 69 is subject to the provisions of this Law.
(1) Any liability relating to services and interest payments are stipulated in this Law for Fund Transfer activities undertaken by the Executor conducting business based on sharia principles applicable provisions of the compensation based on sharia principles.
(2) Further provisions on the compensation as intended in paragraph (1) stipulated in Regulation of Bank Indonesia.
(1) Monitoring of the implementation of Fund Transfer by the Operator conducted by Bank Indonesia.
(2) In conducting monitoring activities as intended in paragraph (1), Bank Indonesia in coordination with the relevant controller authorities.
(3) Monitoring by Bank Indonesia as intended in paragraph (1) is the direct monitoring and/or indirect monitoring.
(4) Direct monitoring as intended in paragraph (3) conducted by Bank Indonesia through periodic and/or any time examination if necessary.
(5) Monitoring indirectly as intended in paragraph (3) is done through a study of the report, description, and explanation of the implementation of Fund Transfer.
(6) Bank Indonesia may assign other party for and on behalf of Bank Indonesia in carrying out the monitoring as intended in paragraph (3).
(7) The other party to carry out the monitoring as intended in paragraph (6) must preserve the confidentiality of information and data obtained in the monitoring.
The Executor shall submit a report, description, and explanation of the implementation of Fund Transfer to Bank Indonesia.
In case the Executor does not meet the obligations in the framework of the monitoring as intended in Article 72, and/or submission of reports, statements and explanations as intended in Article 73, Bank Indonesia may impose administrative sanctions in the form of:
Provisions on the scope and procedure of monitoring as intended in Article 72, procedures for submission of report, description, and explanation of the implementation of Fund Transfer as intended in Article 73, and procedures for imposing administrative sanctions as intended in Article 74 stipulated in Regulation of Bank Indonesia.
(1) The electronic information, electronic documents, and/or printout in Funds Transfer activity are valid legal evidence.
(2) The electronic information, electronic documents, and/or printout as intended in paragraph (1) are extension of valid evidence in accordance with the applicable procedural law.
Electronic signature in Funds Transfer activity has a legitimate force of law.
In case of delay or error on Fund Transfer that make injury to the Originator or Receiver, Executor and/or other parties that control the Funds Transfer System burdened obligation to prove the presence or absence of mistake delay on that Fund Transfer.
(1) Any person conducting the implementation of Fund Transfer without a permit as intended in Article 69 paragraph (1) shall be punished with imprisonment of maximum 3 (three) years or a fine of not more Rp3,000,000,000.00 (three billion dollars).
(2) In addition to criminal sanctions as intended in paragraph (1), any person conducting the implementation of Fund Transfers without permission shall stop all activities of Fund Transfer operation.
(1) Any person who unlawfully making or storing facilities of Funds Transfer Order with the intent to use it or get someone else to use it shall be punished with imprisonment of maximum 2 (two) years or a fine of not more Rp2.000.000.000, 00 (two billion rupiahs).
(2) Any person who uses and/or hand facilities of Funds Transfer Order as intended in paragraph (1) shall be punished with imprisonment of maximum 4 (four) years or a fine of not more Rp4,000,000,000.00 (four billion dollars).
Any person who unlawfully taking or transfer some or all of the Fund owned by others through false Funds Transfer Order shall be punished with imprisonment of maximum 5 (five) years or a fine of not more 5,000,000,000.00 (five billion rupiahs).
Recipients who knowingly receives or holds, both for oneself and for others, a Fund that are known or reasonably suspected to originate from the Fund Transfer Order made in contravention of law shall be punished with imprisonment of maximum 4 (four) years and/or a fine of not more Rp1,000,000,000.00 (one billion rupiahs).
(1) Any person who unlawfully change, remove, or delete part or all of the information contained in the Fund Transfer Order with the intention of enriching himself or another person shall be punished with imprisonment of maximum 2 (two) years or a fine of not more Rp1,000,000,000.00 (one billion rupiahs).
(2) In case that a criminal action as intended in paragraph (1) resulting in loss of Sender and/or Recipients who are entitled and/or other parties, the perpetrator shall be punished with imprisonment of maximum 4 (four) years or a fine of not more Rp2,000,000,000.00 (two billion rupiahs).
Any person who unlawfully damaging Funds Transfer System shall be punished with imprisonment of maximum 20 (twenty) years and a fine of not more Rp20,000,000,000.00 (twenty billion rupiahs).
Any person who knowingly and acknowledged as his own master Fund Transfer results that are known or reasonably known to not belong to him shall be punished with imprisonment of maximum 5 (five) years or a fine of not more 5,000,000,000.00 (five billion rupiahs).
In the case of a criminal act as intended in Article 80, Article 81, or Article 83 carried by bearers, officials, and/or employees of the Operator, shall be sentenced to the maximum principal plus 1/3 (one third).
(1) If the criminal acts as intended in Article 80 through Article 85 carried by the corporation, the criminal liability imposed on the corporation and/or its managers.
(2) Corporations subject to criminal liability against an act done for and/or on behalf of the corporation if the act is included in the scope of business as specified in the statutes or other provisions applicable to the said corporation.
(3) Criminal imposed against the corporation if the criminal action:
(4) The principle charges being dropped against the corporation was fined the maximum plus 2/3 (two thirds).
In addition to the criminal principles, criminal acts as intended in Article 80 paragraph (2), Article 81, Article 83 paragraph (2), or Article 85 also may be subject to return fund obligations proceeds of crime and its services, interest, or compensation to the injured party.
At the time the Law comes into force:
With the enactment of this Law, the provisions of the Transfer Funds provided for in other laws and regulations shall remain valid as long as not contrary to this Law.
This Law shall come into force on the date of promulgation.
For public cognizance, this Law shall be promulgated by placing it in the State Gazette of the Republic of Indonesia.
Stipulated in Jakarta
on March 23, 2011
PRESIDENT OF THE REPUBLIC OF INDONESIA,
signed
DR. H. SUSILO BAMBANG YUDHOYONO