Financial Crime World

Here is the rewritten article in markdown format:

Indonesia’s OJK Issues New Regulation to Enhance Crime Investigation in Financial Services Sector

The Indonesian Financial Services Authority (OJK) has issued a new regulation aimed at strengthening crime investigation in the financial services sector. The new regulation, known as POJK Number 16 of 2023 on Crime Investigation in the Financial Services Sector, is an adjustment to the previous POJK 22/POJK.01/2015.

Background

The new regulation was issued in response to the mandate of Law Number 4/2023 on Financial Sector Development and Strengthening, which grants OJK broader powers of investigation and violation resolution in the financial services sector. The law also stipulates that OJK has the authority to investigate criminal acts in the financial services sector.

Key Areas Covered

The new regulation covers several key areas, including:

  • Scope of criminal acts in the financial services sector
  • Categories of OJK investigators
  • Authorities of OJK investigators
  • Resolution of violations against laws and regulations in the financial services sector
  • Dissemination of information to financial institutions that can be inquired regarding account information and account blocking

Scope of Criminal Acts

The scope of criminal acts in the financial services sector includes:

  • Banking
  • Capital market
  • Financial derivatives
  • Carbon exchange
  • Insurance
  • Guarantee companies
  • Pension funds
  • Financing institutions
  • Venture capital companies
  • Microfinance institutions
  • Technology innovation in the financial sector
  • Digital finance assets
  • Crypto assets

The regulation also covers conventional and sharia activities.

OJK Investigators

OJK investigators are drawn from:

  • Investigation officials of the Indonesian National Police
  • Certain civil servant officials
  • Specific officials who are granted special authorities as investigators under the Criminal Code Procedure

OJK investigators are authorized to determine whether an investigation should be conducted prior to the investigation process, and they are required to cooperate with the Indonesian National Police.

Violation Resolution Process

The violation resolution process involves submitting a request to OJK containing information about:

  • The detrimental value of the criminal act
  • The number of victims impacted
  • Details about the resolution to the loss

The regulation also provides for follow-up on the investigation outcome, including submitting the investigation outcome to the Prosecutor for charge in accordance with the provisions in laws and regulations.

Contact Information

For more information, please contact Aman Santosa, Head of Literacy, Financial Inclusion and Communication Department at (021) 29600000 or humas@ojk.go.id.