Compliance Declaration of Sanctions Regulations

PT Bank UOB Indonesia (UOB Indonesia) committed to complying with the sanctions regulations passed by the regulator, the United Nations Security Council, the European Union and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Under the sanctions regulations, individuals and entities are prohibited from entering into financial transactions or provide financial assistance/services in relation to sanctioned individuals, entities or activities, as non-compliance with the sanctions regulations may result in civil or criminal liability leading to fines, imprisonment or both.

As such, UOB Indonesia do not open accounts, continue business relationships, provide products or services, execute or facilitate transactions (directly or indirectly) or engage in any activity involving sanctioned individuals, entities, countries or territories. Currently, the sanctioned countries and regions are the Crimea region in Ukraine, Cuba, Iran, North Korea, Sudan and Syria.

UOB Indonesia will restrict certain products or services or business activities involving (directly or indirectly) countries, individuals or target industry sectors subject to selective or targeted sanctions laws. Currently, the countries where selective sanctions laws may apply are Zimbabwe, Belarus, Venezuela and Russia.

By applying for products and services and by continuing a banking relationship with us, you represent and warrant that at all times, you are not subject to any sanction laws and shall not use UOB Indonesia, its products or services (regardless of currency) for the benefit of sanctioned individuals, entities, countries or territories. UOB Indonesia will not hesitate to take necessary action, including reporting, rejecting and/or blocking transactions, rejecting funds, closing accounts, terminating relationships that appear to violate sanctions laws. By upholding a strict stance on sanctions, UOB Indonesia is protecting the interests of our customers and helping them to abide by sanctions laws.

Frequently Ask Question "FAQ"

What are Sanctions?
Sanctions are official policies used by governments and organizations such as the United Nations and European Union to prevent or to respond to security threats or to induce changes to conduct to acceptable standards. These official policies help to achieve the desired objectives as banks are restricted from having relationships or supporting activities with listed names and industries subject to prohibitions.

What does Sanctions have to do with you or your business?
Globalization has increased the interconnectivity between countries and businesses. With this increased connection, the opportunities and likelihood for the exploitation of financial systems have increased as well. To ensure that our customers can bank with us safely and securely, we will need to verify and obtain further understanding of your business nature and activities with us. Where required, we will also request for documentary evidence from our customers in order to protect you and your accounts with us.

What is UOB Indonesia doing with your information?
Banks have a legal obligation to know their customers. Our systems and processes rely heavily on having up-to-date information. The information provided will be used to support our work in protecting our customers and ourselves against potential sanctions breaches, illegal activities and financial crime. The information or documents pertaining to the nature and purpose of an activity or relationship that you provided during our requests will aid us in the further understanding of your risk profile, nature of business and to facilitate the provision of our products and services.