| Summary: | This study investigates the historical development and evolution of beneficial ownership practices in Indonesia, which will eventually lead to more accountability and transparency. A qualitative technique of document analysis is employed to achieve the study objectives. The paper summarises Indonesia's AML regime and the crucial role of identifying beneficial owners in ensuring the financial integrity of the country. It analyses the influence of international AML standards and initiatives, domestic regulatory reforms, and the contributions of various stakeholders, including the government, financial institutions, and relevant entities. It further examines the impact of technological advancements, such as digital verification tools and data analytics, in fortifying the accuracy and efficiency of beneficial ownership disclosure. Moreover, the study evaluates the effectiveness of evolving beneficial ownership practices in Indonesia's AML regime. It discusses the enhancements in risk assessment, customer due diligence procedures, and the detection of money laundering and associated financial crimes. The implications of intensified accountability and transparency in beneficial ownership practices are meticulously analysed. The study emphasises the benefits of a more resilient financial system, augmented investor confidence, and an enhanced reputation for Indonesia in the global fight against money laundering. © 2023, Pakistan Society of Criminology. All rights reserved.
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