[ASEAN] Key Regulatory Updates on Deposit Insurance and Sanctions Compliance

Covering OFAC, BPR, BPRS, BPR Citra Bersada Abadi, Bilateral Cooperation. Insights on OFAC sanctions enforcement, deposit insurance claims for BPR Citra Bersada Abadi and BPRS Hasanah Mandiri, and bilateral regulatory cooperation in ASEAN. Focus on compliance timelines and penalties in the banking sector.

Show Notes

This episode dives into recent regulatory developments affecting the ASEAN financial and regulatory landscape, focusing on deposit insurance procedures, sanctions compliance, and international cooperation.

Key highlights include the Indonesia Deposit Insurance Corporation (LPS) establishing payment arrangements for depositors of PT BPR Citra Bersada Abadi and PT BPRS Hasanah Mandiri following license revocations. Depositors must adhere to submission deadlines and documentation requirements to claim insured deposits, with specific dispute submission periods outlined.

In Malaysia, Bank Negara Malaysia has levied administrative monetary penalties against Setel Ventures and Standard Chartered Bank entities for non-compliance with Targeted Financial Sanctions, emphasizing the importance of timely sanctions database updates and comprehensive customer screening.

Additionally, bilateral arrangements between Malaysia and the Philippines recognize Japanese regulatory standards like Good Manufacturing Practice and Good Laboratory Practice, facilitating regulatory cooperation and potentially expediting approvals for pharmaceutical and medical device products.

For more information, visit the Carver Agents website.

Articles mentioned:

1. Pengumuman Pembayaran Atas Penetapan Status Penjaminan Simpanan Nasabah Penyimpan PT BPR Citra Bersada Abadi (DL)
2. Pengumuman Tentang Pembayaran Penetapan Status Penjaminan Simpanan Nasabah Penyimpan PT BPRS Hasanah Mandiri (DL) Kedua
3. P.N. 15/2026
4. P.N. 16/2026
5. Treasury Launches Unprecedented Campaign Against Iranian Regime on Economic D-Day
6. Statement of the Forty-fifth Meeting of the Polio IHR Emergency Committee
7. Removal of Syria's designation as a State Sponsor of Terrorism and Associated Sanctions List Updates; Iran-related Designations; Updates to Iran-related General Licenses
8. Bilateral Arrangements and Cooperation
9. Overview

What is Regulations Across ASEAN?

Regulatory news, updates, and insights for countries in the ASEAN region presented by the Carver Agents team

Welcome to Carver's ASEAN Regulatory Updates for August 31, 2026.

In Indonesia, the Indonesia Deposit Insurance Corporation, known as LPS, has announced payment arrangements following the revocation of bank licenses for PT BPR Citra Bersada Abadi and PT BPRS Hasanah Mandiri. For PT BPR Citra Bersada Abadi, LPS completed reconciliation and verification to determine insured and uninsured deposits, setting payment schedules for depositors. Depositors must submit claims within five years from the license revocation, by August 18, 2031, providing identity and deposit ownership documents. Any disputes regarding deposit insurance status must be submitted within 180 calendar days from the announcement, by February 21, 2027.

Similarly, for PT BPRS Hasanah Mandiri, LPS has determined insured deposits eligible for payment, with phased claim payments starting August 24, 2026. Depositors have until July 15, 2031, to submit claims with the required identification and documentation. Disputes on deposit insurance status must be submitted within 180 days of the announcement, by February 19, 2027. Banks are required to facilitate payment of insured deposits beginning August 24, 2026.

Turning to Malaysia, Bank Negara Malaysia has imposed administrative monetary penalties related to non-compliance with targeted financial sanctions requirements. Setel Ventures received a penalty for failing to update its sanctions database and conduct required sanctions screening as per Targeted Financial Sanctions, or TFS, obligations. The institution must immediately update its sanctions database upon publication of the Domestic List, conduct sanctions screening on its entire customer database against the Domestic List, and verify potential matches.

Additionally, Bank Negara Malaysia imposed penalties of 132,000 Malaysian Ringgit each on Standard Chartered Bank Malaysia Berhad and Standard Chartered Saadiq Berhad. Both banks failed to update their sanctions databases promptly and conduct proper sanctions screening as required by law. They are required to update their sanctions databases without delay upon publication of the Domestic List, conduct sanctions screening on existing, potential, or new customers against the Domestic List and United Nations Security Council Resolution List, and maintain effective sanctions screening controls and oversight.

Finally, in Malaysia and the Philippines, bilateral arrangements have been recognized for acceptance of Japanese regulatory standards, including Good Manufacturing Practice and Good Laboratory Practice inspection results. These arrangements facilitate regulatory cooperation and may accelerate approval processes for Japanese pharmaceutical and medical device products. Businesses should be aware of these recognitions to leverage abridged regulatory pathways and ensure compliance with Japanese standards.

That wraps up today's regulatory updates. Visit carveragents.ai for more information.