Recently, the Financial Transaction Reports and Analysis Center (PPATK) declared that bank accounts that have been "dormant" or inactive for three months in a row will be blocked. This policy has garnered significant attention from the public since its establishment in response to the growing abuse of accounts for illicit purposes, such as account trading and money laundering.
Public Reactions to This Policy
Dormant accounts have occasionally been used as a means to conceal questionable transactions or even to transfer money obtained through illicit means. Despite being meant to stop financial crimes, the temporary freezing of transactions on inactive accounts has generated controversy. Some people think that this policy is a good way to stop careless people from abusing accounts. There are worries, though, that this policy might hurt people who have accounts but don't often use them—for example, people who just keep money in the bank without making any regular transactions.
The effectiveness of this blocking measure in preventing money laundering and other financial crimes is also questioned by some members of the public. Others wonder if it will lead to new issues, like freezing legitimate accounts without any proof of misuse.
Criteria for Account Freezing
Not every inactive account will be blocked right away. PPATK states that for an account to be frozen, a number of requirements must be fulfilled. The three primary requirements for this action are listed below:
1. Three Months in a Row Without Any Transactions
Accounts that have not had any withdrawals, transfers, or other payments for ninety days in a row run the risk of being blocked. This suggests that there are no valid financial activities taking place in the account.
2. Minimal Balance in the Account
Accounts with a balance of less than Rp 100,000 (or even less in certain banks) are typically more likely to be blocked. A low balance indicates inactivity on the part of the account.
3. Not Linked to Live Credit Accounts followed by active credit facilities, such as credit agreements, typically will not be restricted. Only accounts that do not have any association with credit agreements are at risk of being restricted.
If an account is restricted, the account holder can reactivate it. This is typically done by going to the nearest bank branch with personal identification documents (ID card and passbook). The account holder may be required to do the first transaction, either a deposit or a withdrawal. Once the account has been activated, the account holder can access and use their access and funds.
To preserve the security of the financial system, our organization (PPATK) is taking precautionary measures by blocking accounts", said PPATK Head, Ivan Yustiavandana. Ivan also stated that some of the accounts that had previously been blocked by PPATK had also been able to be unblocked and reopened after the account owners had taken verification and activation steps. Ivan also said that this indicated that the blocking was temporary and not a form of confiscation, but a stopping point for prevention and re-checking.