Financial Crime World

Indonesia’s OJK Issues New Regulation on Crime Investigation in Financial Services Sector, Expands Authority

Effective August 24, 2023, the Indonesian Financial Services Authority (OJK) has issued a new regulation on crime investigation in the financial services sector.

Amending Previous Regulations

The new regulation, POJK Number 16 of 2023, amends and supplements previous regulations on crime investigation in the financial services sector. This is in accordance with the mandate of Law Number 4/2023 on Financial Sector Development and Strengthening, which grants OJK expansion of authority for investigation and violation resolution.

Scope of Criminal Acts

The regulation covers a range of matters, including:

  • Scope of criminal acts: The scope includes banking, capital market, insurance, financing institutions, technology innovation in the financial sector, digital finance assets, and crypto assets, among others.
  • Category of OJK investigators: OJK investigators are resourced from Indonesian National Police officials, civil servant officials, and specific officials granted special authorities as investigators.

Authorities of OJK Investigators

OJK investigators are authorized to:

  • Determine whether an investigation of alleged criminal acts in the financial services sector shall be conducted prior to the investigation process.
  • Cooperate with Indonesian National Police during investigations.
  • Exercise their authority to submit the investigation outcome to the Prosecutor for charge in accordance with the provisions in laws and regulations.

Resolution of Violations

The regulation also allows suspected criminals in the financial services sector to:

  • Submit a request to OJK to resolve violations against laws and regulations in the financial services sector. The violation resolution is done through submitting a request containing details of the criminal action, number of victims impacted, and resolution duration, among others.

Contact Information

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