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

The Indonesia Financial Services Authority (OJK) has issued a new regulation, POJK Number 16 of 2023 on Crime Investigation in the Financial Services Sector, aimed at strengthening its authority to investigate and resolve violations in the financial sector.

Background

The OJK’s move is a response to the mandate of Law Number 4/2023 on Financial Sector Development and Strengthening, which grants the authority expansion of its investigation and violation resolution powers in the financial sector. The new regulation also reflects the provisions of Law Number 21/2011 on OJK, which outlines the authority’s investigation powers.

Key Areas Covered

The POJK 16/2023 covers several key areas, including:

• Scope of Criminal Acts: The scope of criminal acts in the financial services sector includes banking, capital market, insurance, financing institutions, technology innovation, digital finance assets, and crypto assets, as well as market conduct and education and consumer protection.
• OJK Investigators: OJK investigators are categorized into three types:
  • Investigation officials from the Indonesian National Police
  • Certain civil servant officials
  • Specific officials granted special authorities
• Authorities of OJK Investigators: The regulation outlines the procedures for investigating alleged criminal acts in the financial services sector, including the authority of OJK investigators to determine whether an investigation should be conducted and to cooperate with the Indonesian National Police.
• Resolution of Violations: The POJK provides a mechanism for suspected criminals to submit a request to the OJK to resolve violations against laws and regulations in the financial services sector.

Contact Information

For more information, please contact:

Aman Santosa Head of Literacy, Financial Inclusion and Communication Department Phone: (021) 29600000 Email: humas@ojk.go.id