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Selasa, Agustus 29, 2023

Parties Suspected of Committing Financial Sector Crimes May Now Submit Applications for Violation Settlements to the OJK

General Financial Service

Following the issuance of Law No. 4 of 2023, the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has decided to adjust various provisions that address investigations into criminal acts and other violations that occur within the financial services sector ("Investigations"), as originally featured under Regulation of the OJK No. 22/POJK.01/2015 ("Regulation 22/2015"), through the issuance of Regulation of the OJK No. 16 of 2023 ("Regulation 16/2023"), which has been in force since 7 August 2023. As a consequence, the enforcement of Regulation 16/2023 has now simultaneously repealed and replaced the previous framework of Regulation 22/2015.
As also featured under its predecessor, Regulation 16/2023 explicitly lists the various financial services sectors that fall under the jurisdiction of the OJK. Overall, said sectors encompass eight forms of financial services (either conventional or sharia activities), which include: 1) Capital market, derivative finances and carbon exchanges; 2) Innovative financial sector technologies, as well as digital financing and crypto assets; and 3) Behavior of financial-sector businesses and the implementation of education and consumer protection.
In addition to being authorized to carry out Investigations, Regulation 16/2023 now explicitly permits the OJK to engage in preliminary investigations (penyelidikan) prior to the commencement of Investigations. Moreover, Regulation 16/2023 also explicitly authorizes the OJK to investigate money laundering crimes that are linked to financial sector crimes ("Financial Crimes"). In regard to this area, the OJK is permitted to request information and/or analyses from the Financial Transaction Reports and Analysis Center (Pusat Pelaporan dan Analisis Transaksi Keuangan/PPATK) in relation to any Investigations that it undertakes.
Newly introduced under Regulation 16/2023, during the preliminary investigation phase, parties that are suspected of committing Financial Crimes may submit applications to the OJK in order to settle any violations that relate to the regulatory framework that applies within the financial sector. In the event that the OJK approves a submitted settlement application, the violators in question will be required to enter into agreements with the OJK, which may require said violators to pay necessary compensation and/or be subject to the imposition of various administrative sanctions, as determined by the OJK.

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Following the issuance of Law No. 4 of 2023, the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has decided to adjust various provisions that address investigations into criminal acts and other violations that occur within the financial services sector ("Investigations"), as originally featured under Regulation of the OJK No. 22/POJK.01/2015 ("Regulation 22/2015"), through the issuance of Regulation of the OJK No. 16 of 2023 ("Regulation 16/2023"), which has been in force since 7 August 2023. As a consequence, the enforcement of Regulation 16/2023 has now simultaneously repealed and replaced the previous framework of Regulation 22/2015.
As also featured under its predecessor, Regulation 16/2023 explicitly lists the various financial services sectors that fall under the jurisdiction of the OJK. Overall, said sectors encompass eight forms of financial services (either conventional or sharia activities), which include: 1) Capital market, derivative finances and carbon exchanges; 2) Innovative financial sector technologies, as well as digital financing and crypto assets; and 3) Behavior of financial-sector businesses and the implementation of education and consumer protection.
In addition to being authorized to carry out Investigations, Regulation 16/2023 now explicitly permits the OJK to engage in preliminary investigations (penyelidikan) prior to the commencement of Investigations. Moreover, Regulation 16/2023 also explicitly authorizes the OJK to investigate money laundering crimes that are linked to financial sector crimes ("Financial Crimes"). In regard to this area, the OJK is permitted to request information and/or analyses from the Financial Transaction Reports and Analysis Center (Pusat Pelaporan dan Analisis Transaksi Keuangan/PPATK) in relation to any Investigations that it undertakes.
Newly introduced under Regulation 16/2023, during the preliminary investigation phase, parties that are suspected of committing Financial Crimes may submit applications to the OJK in order to settle any violations that relate to the regulatory framework that applies within the financial sector. In the event that the OJK approves a submitted settlement application, the violators in question will be required to enter into agreements with the OJK, which may require said violators to pay necessary compensation and/or be subject to the imposition of various administrative sanctions, as determined by the OJK.

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Semua Fitur Paket Professional
Layanan Penerjemahan Peraturan
Precedent Hukumonline
Virtual Discussion

PROFESSIONAL

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per bulan

Semua Fitur Paket Standard
Terjemahan Peraturan
Peraturan Konsolidasi
Premium Stories
Monthly Law Review (MLR)
Indonesian Law Digest (ILD)

STANDARD

Rp 2.500.000

per bulan

Indonesian Legal Brief (ILB)
Daily Updates
Bantuan Layanan Pencarian Peraturan
Pusat Data Peraturan dan Putusan Pengadilan Non-Precedent

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