Bank Indonesia Regulation Concerning Transparency in Bank Product Information and Use of Customer Personal Data

This regulation emphasizes the necessity to stipulate rules regarding transparency and use of customer personal data in Indonesia. It aims to:

• Maintain good governance in the banking industry;
• Provide clarity to customers on the benefits and risks attached to bank products;
• Improve protection of customer privacy in dealings with banks.

The regulation stipulates that:

• Banks should implement transparency in bank product information and the use of customers' personal data;
• The Board of Directors of the Bank are responsible for the implementation of the policy and procedures on transparency, and the use of the customers' personal data;
• Banks should provide complete, clear written information in the Indonesian language on the characteristics of each bank product, this information should include the name and type of the bank product, the benefits and risks attached to it, etc.;
• Banks should notify customers if there is any change in product characteristics;
• Information on bank products should be legible and easily accessible to the public;
• Banks should obtain the written permission of the customer before distributing any personal data;
• Any bank that violates the above mentioned rules will be liable to administrative sanctions.

The regulation concludes by exempting Rural Credit Institutions (RCIs) from following these regulations.