Safe deposit box regulatory model

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.

Keywords: {'name': 'Regulatory Model, Safe Deposit Box, Bank Secrecy, Money Laundering, Banking System '}

Authors & affiliations

Putri Purbasari Raharningtyas Marditia
Affiliation not supplied

Catherine Tania
Affiliation not supplied

Deposited references

Supplied references, not a list of publications citing this article.

Bentham, J. (1887). Theory of legislation. London: Trübner & Company.

DOI: 10.1108/13685200810910439

DOI: 10.4324/9780203462423

DOI: 10.18860/j.v11i2.10099

DOI: 10.1177/0308518X16659479

Firmansyah, W., & Atmadja, H. T. (2021). Juridical Analysis Awareness of Profession Advocacy to Financial Transaction Reports and Analysis Centre (PPATK) During Prevent and Eradicate Money Laundering Crime. Journal of Multidisciplinary Academic, 5(4), 308-314.

Hery, A., Yustianti, S., & Susilo, D. (2019). Authority of Banking Supervision And Regulation By Bank Indonesia And Financial Services Authority (OJK). YURISDIKSI: Jurnal Wacana Hukum Dan Sains, 14(1), 20-33.

DOI: 10.1108/13685201211194745

DOI: 10.1108/JMLC-06-2013-0019

DOI: 10.4108/eai.13-8-2019.2294249

Kocia, A., & Szymanska, G. (2012). PFSA and BaFin-Comparison of Institutional Framework in Dynamic Financial Markets. Journal of Applied Business and Economics, 13(2), 188-205.

DOI: 10.18196/jai.v22i3.11157

DOI: 10.1016/j.jfs.2017.07.003

Mihajat, M. I. S. (2016). Macro-prudential Supervision in the Indonesia Financial Services Authority (OJK) and the Role of Sharia Board: A Proposed Framework. Journal of Islamic Banking & Finance, 33(4), 72-85.

DOI: 10.1108/13581980710744020

DOI: 10.1016/S0378-4266(99)00125-9

DOI: 10.18326/muqtasid.v9i1.82-92

DOI: 10.4337/9780857934000.00039

DOI: 10.1057/be.2010.35