Financial Crime World

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

The Indonesia Financial Services Authority (OJK) has issued a new regulation, POJK Number 16 of 2023, aimed at strengthening efforts to combat financial crimes. This new regulation is an adjustment to POJK 22/POJK.01/2015 and comes as a follow-up to the mandate of Law Number 4/2023 on Financial Sector Development and Strengthening.

Scope of Authority

The new regulation grants OJK expansion of authority in investigating and resolving violations in the financial services sector, which includes:

  • Banking
  • Capital market
  • Insurance
  • Financing institutions
  • Technology innovation
  • Digital finance assets
  • Crypto assets

The scope of criminal acts in the financial services sector has been expanded to include all conventional and sharia activities.

OJK Investigators

The regulation stipulates on the category of OJK Investigators, who are resourced from:

  • Investigation officials of Indonesian National Police
  • Certain civil servant officials
  • Specific officials 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
  • Cooperate with Indonesian National Police

Suspected Criminals’ Request

The regulation 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 during the investigation stage. The violation resolution is done through submitting a request containing:

  • Information on detrimental value
  • Number of victims impacted
  • Resolution duration

Investigation Outcome

OJK Investigators are also authorized to submit the investigation outcome to the Prosecutor for charge in accordance with the provisions in the laws and regulations.

Contact Information

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