Abstract
Safe Deposit Box is a banking product that provides goods storage services, such as money, securities, and other valuables. This product guarantees the confidentiality of information related to its use. In this regard, the Safe Deposit Box is one of the services that is risky and vulnerable to being used by money laundering actors. Then, based on the recommendations of the Financial Action Task Force (FATF) it is stated that each country is obliged to identify, analyze, and evaluate the risks of money laundering and terrorism financing in that country. To follow up on these recommendations, Indonesia has established an Anti-Money Laundering and Prevention of Terrorism regime, as an effort to determine the direction and mitigate the risks of using financial services in money laundering practices. However, the need to protect Bank Secrecy cannot be ruled out. So it is necessary to make arrangements that can accommodate the need for a Safe Deposit Box Mechanism that can protect bank secrecy and prevent money laundering practices. Based on this research, the writing method used is a normative juridical method with a statutory and conceptual approach. The purpose of this study is to provide an overview and analysis related to the need for legal regulation and supervision of use related to Safe Deposit Boxes that can guarantee bank confidentiality, but can prevent money laundering practices, especially to identify user information, access data and information on money laundering practices and Politically Exposed Persons. (PEP) in Indonesia.
Highlights
Ease of access to sending funds beyond national borders, as well as access to goods storage services provide opportunities for criminals to hide and disguise the origin of a property
Money Laundering and Prevention of Terrorism in Indonesia found several regulatory studies as follows: (1) Focus, Subject, and Scope of Regulation; (2) Supervisory Agency in the Banking Sector and Authority to freeze products/services indicated for money laundering; (3) Special authority on financial crime and Banking Dispute Settlement; (4) Mechanism of access to information and international cooperation
Granting the authority to suspend products/services indicated for money laundering in Indonesian regulations allows for temporary suspension of transactions for Safe Deposit Boxes, while in Germany the Supervisory Agency in The BaFin sector supervises banks in all their business activities and has a supervisory function on laundering practices in the financial sector. and the Deutsche Bundesbank conducted an analysis of financial system stability and reported the results of the financial analysis to BaFin. and the authority to suspend products/services indicated for money laundering in Indonesian regulations, allowing for suspending accounts that are indicated to have links with suspected terrorists/other criminals
Summary
Ease of access to sending funds beyond national borders, as well as access to goods storage services provide opportunities for criminals to hide and disguise the origin of a property. The authors want to try to examine a regulatory model that can facilitate the Safe Deposit Box Regulatory Model: an Effort to Prevent Money Laundering Practices in the Indonesian Banking System that can be applied in Indonesia based on best practices from Germany. The adopted method is normative legal research through safe deposit box regulatory model: an effort to prevent money laundering practices in the Indonesian Banking System. Primary legal sources are actual sources of law, namely, laws and court decisions and regulations related to safe deposit box regulatory model: an effort to prevent money laundering practices in the Indonesian banking system. The formulation of the problem to be discussed is to elaborate the appropriate regulatory model concerning the Safe Deposit Box that maintains customer confidentiality, yet capable to prevent money laundering practices
Sign-in/Register to view highlights & summary 
Published Version (
Free)
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Journal of Research in Business and Social Science (2147- 4478)
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
