Basically, non-residents are eligible to open an account in Indonesia, providing they meet prevailing regulations as well as the general terms and conditions stipulated by the banks. Two regulations in Indonesia relate to banking activities with non-residents, namely: (a) Bank Indonesia Regulation (PBI) No. 3/10/PBI/2001 regarding Implementation of Know Your Customer (KYC) Principles. According to the regulation, Banks are required to maintain prudential principles when accepting new customers. Banks must have access to complete customer information, including identity and source of funds. The banks are also required to monitor the customers’ banking transaction activities and report any suspicious transactions to Bank Indonesia; and (b) Bank Indonesia Regulation (PBI) No. 7/14/PBI/2005 regarding Restrictions on Rupiah Transactions and Foreign Currency Lending by Banks. This regulation restricts Banks from conducting the following transactions with non-residents: (i) foreign exchange selling derivative transactions against the rupiah; and (ii) foreign exchange buying derivative transactions against the rupiah. For a more comprehensive explanation, refer to the regulations on the Bank Indonesia website through the BI Regulation link.