Banks Required to Implement Five Aspects of Development of Human Resources

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 24 of 2022 (“Regulation 24/2022”) on the Development of Quality Human Resources by Commercial Banks (“Banks”), which came into force on 5 December 2022.

Through the issuance of this new regulation and as a result of the fact that the functions, tasks and authorities that relate to the arrangement and supervision of the banking sector lie with the OJK,[1] the following legal frameworks of Bank Indonesia (“BI”) and the BI Board of Governors are no longer relevant:[2]