PT Aberdeen Standard Investments Indonesia (PT ASII) is registered as an investment manager license holder with Otoritas Jasa Keuangan (OJK). In the course of its daily business, PT ASII and its employees must comply with the provisions of Company Law, Capital Market Law, Labour Law, OJK regulations as well as other applicable rules and regulations.
Compliance Unit is responsible for ensuring that PT ASII maintains adequate and effective compliance arrangements. These cover all regulatory requirements applicable to the financial affairs of PT ASII and to its conduct of business.
Compliance Unit regularly reviews all compliance arrangements to ensure that they are efficient and effective.
The review process includes a rigorous compliance vetting and monitoring programme which:
- determines whether existing procedures and controls are sufficient to achieve compliance;
- tests the robustness of existing procedures and controls.
Where weaknesses are found to exist, Compliance Unit recommends improvements and works with employees on the implementation of the new procedures. Areas which are perceived as causing potential regulatory problems or which raise particular concerns receive on-going and regular attention.
Compliance Unit is required to be involved at an early stage in all matters, which have regulatory implications. This ensures that employees receive considered guidance and prevents a breach of the regulations occurring.
Where it is necessary for the performance of their duties, Compliance requires unrestricted access to all parts of PT ASII’s business and to all records, documents and meetings.
Compliance Reporting Structure
Compliance Unit is established as part of PT ASII structure and directly responsible to the Board of Directors. In order to ensure that business activities carried out by PT ASII comply with applicable rules and regulations, Compliance Unit as an independent unit, has unlimited access towards other business units and free from undue influence from other business units.
The Board of Directors is responsible for overseeing activities carried out by the Compliance Unit including giving approval for compliance policy and following-up identification of matters in relation to compliance requiring consideration from the Board of Directors. Any significant compliance issues are discussed in the Board of Directors meeting.
The Board of Commissioners exercises active supervision in effectiveness of implementation of compliance function including compliance policy; ensuring that the Board of Directors has followed-up identification of any matters in relation to compliance requiring consideration from the Board of Directors; evaluating and ensuring that compliance function has carried out its duties in accordance with the submitted annual work plan as well as evaluating and giving corrective recommendation for implementation of compliance function and policy.