Opening a bank account in Indonesia involves a rigorous process with strict requirements regulated by the Financial Services Authority (Otoritas Jasa Keuangan) under Regulation No. 12/POJK.01/2017. Prospective account holders must provide comprehensive identity information, including full name, identification document number, address matching the identification document, date and place of birth, nationality, occupation, work address and contact details, gender, marital status, specimen signature, purpose of account opening, the source of funds to be used, and average annual income. This is crucial to prevent potential illegal activities such as money laundering and ensure the integrity of the banking sector.
This regulation also mandates the identification of beneficial owners if applicable. This is an additional step to safeguard banking transactions and ensure that accounts are used in accordance with applicable laws. These requirements provide confidence to banks that the source of funds being used is legal and transparent. For foreign residents, a Temporary Stay Permit Card (KITAS) is required as proof of legal residence in Indonesia. However, if KITAS is unavailable, alternative documents such as a reference letter from an Indonesian citizen or an Indonesian company/institution regarding the foreign prospective account holder's profile, or a reference letter from a financial service provider in the country or jurisdiction where the foreign prospective account holder is based, can be used, provided that the country or jurisdiction is not classified as high risk.
Source: Guidelines on Foreigners’ Property Ownership in Indonesia