PT PMA Business Proof Checklist for Corporate Bank KYC and Account Opening

Build a bank-ready business substance file

Banks perform their own customer due diligence and can ask for evidence beyond incorporation documents. A new PT PMA should be able to explain its product or service, customers, suppliers, expected currencies, transaction countries, monthly volumes, source of initial funds, ownership chain, office or operating site, employees, website, contracts, invoices, and licensing status. Forecasts should be reasonable and traceable to the business model rather than copied from a provider template. For the bank business-proof file, the immediate acceptance point is to explain the commercial purpose against the documented activity, counterparties, geography, and value chain.

Separate facts already supported from plans that remain conditional. If the company has no trading history, provide founder or group background, approved budget, signed or draft contracts, supplier quotations, lease evidence, project plan, funding resolutions, and the first expected transaction. Keep every version consistent with OSS, tax, corporate, immigration, and accounting records, and be ready to explain deviations when the business develops differently. Within the bank business-proof file file, the responsible officer should preserve currencies, volumes, payers, payees, and source of funds as evidence for the decision to support the expected transactions.

Before the bank transfer, compile the foreign shareholder funds file so authority, remitter, ownership, purpose, and bank evidence can be reviewed together.

Prepare for the bank's independent KYC and account decision

A corporate bank account is not issued automatically because the PT PMA has an AHU approval, NPWP, or NIB. The bank independently assesses the company, beneficial owners, shareholders, directors, signatories, business purpose, licenses, address, contracts, expected transactions, currencies, source of funds and wealth, tax residence, sanctions and risk factors, and original-document or presence requirements. Criteria can differ by bank and branch. For the bank business-proof file, the immediate acceptance point is to complete KYC against the documented UBO, shareholders, directors, and signatories.

Build one KYC file that reconciles the executed deed, AHU corporate output , tax data, OSS licenses, UBO report, ownership chart, passports, corporate-shareholder documents, address evidence, business plan, contracts, and funding narrative. Ask the chosen bank for current requirements in writing, but preserve a fallback institution and visit plan. Before the first remittance, approve signatory combinations, online access, token custody, payment limits, beneficiary controls, accounting evidence, and how paid-up capital will be described and used. Within the bank business-proof file file, the responsible officer should preserve access, limits, funding, and evidence as evidence for the decision to control before deposit.

Explain source of funds with a traceable legal and bank record

Source of funds explains where the specific transfer came from; source of wealth explains how the person or group accumulated the underlying assets. Banks may ask for both, together with the ownership chain, business purpose, transaction history, tax residence, sanctions information, and expected account activity. A founder's statement alone may not reconcile a transfer from an affiliate, trust, sale, dividend, loan, or third-party account. For the bank business-proof file, the immediate acceptance point is to resolve every mismatch against the documented ownership, purpose, bank narrative, and ledger.

Build the explanation from documents: audited or management accounts, bank statements, sale or loan agreements, dividend resolutions, tax records, ownership registers, inheritance or investment records where relevant, remittance instructions, and the PT PMA's subscription or loan approval. Translate and authenticate documents if the bank requires it. Keep amounts, dates, names, currency conversions, payer, beneficiary, purpose, and accounting entry consistent. Do not split transfers, backdate agreements, or route money through an agent to avoid KYC questions. Within the bank business-proof file file, the responsible officer should preserve specific account and transaction source as evidence for the decision to trace the remittance.

Keep beneficial ownership records aligned with real control

Indonesia's beneficial ownership framework under Presidential Regulation 13 of 2018 looks beyond the registered shareholder to the natural persons who ultimately own or control a company. A PT PMA should document direct and indirect percentages, voting or appointment rights, economic benefits, control through agreements, and the reasoning used for each identified UBO. The public-facing AHU beneficial owner search is a verification aid, not a substitute for the company's complete evidence file. For the bank business-proof file, the immediate acceptance point is to identify natural persons against the documented direct and indirect percentage calculation.

Trigger a UBO review when shares, parent entities, trusts, control agreements, directors, funding arrangements, or group ownership change. Reconcile the AHU disclosure with the deed, shareholder register, organization chart, source-of-funds file, bank KYC, tax records, and transaction documents. If an institution applies a different threshold or asks for a broader control explanation, preserve that institution-specific analysis without overwriting the legal filing basis. Within the bank business-proof file file, the responsible officer should preserve voting, appointment, veto, and economic rights as evidence for the decision to capture non-equity control.

Translate director authority into a bank-accepted mandate

Corporate authority and bank authority must be reconciled, not assumed. A bank can review the deed, AHU profile, board composition, resolutions, specimen signatures, UBOs, tax data, business purpose, and individual KYC before deciding who may open or operate the account. The current BCA corporate current-account requirements , for example, describe corporate representatives, powers of attorney, individual-customer data, and supporting documents; another bank may apply a different process. For the bank business-proof file, the immediate acceptance point is to configure account access against the documented signing rules, limits, maker-checker, and tokens.

Prepare a mandate matrix for account opening, transfers, beneficiaries, foreign exchange, loans, cards, cash-management platforms, token custody, limit changes, and closure. Compare single and joint signing, transaction limits, maker-checker roles, temporary powers, and revocation. The final bank forms and system setup should match the approved corporate resolution, and access should be tested before the company receives customer money or makes a material payment. Within the bank business-proof file file, the responsible officer should preserve revocation and bank KYC refresh evidence as evidence for the decision to remove old authority promptly.