Provisions on the Collection of Fines within the Financial Services Sector Re-Amended

 

In a bid to harmonize generally accepted accounting standards with administrative procedures relating to the levying of fines, so that said standards will be brought into line with Regulation of the Government No. 11 of 2014 on Financial Services Authority Levies (“Regulation 11/2014”), the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 26/POJK.02/2018 (“Second Amendment”) on the Second Amendment to the Regulation of the OJK No. 4/POJK.04/2014 on Procedures for the Collection of Administrative Sanctions in the Form of Fines within the Financial Services Sector (“Regulation 4/2014”).[1]