Selasa, Oktober 31, 2023

OJK Prepares Updated Regulation on Application of Anti-Fraud Strategies by LJK: Inputs to Be Received until 24 November 2023

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently in the process of drawing up a Draft Regulation (“Draft Regulation”) on the Application of Anti-Fraud Strategies by Financial Services Institutions (Lembaga Jasa Keuangan – “LJK”) which, when it ultimately comes into force, will apply to various stakeholders who are involved in LJK business activities (i.e. consumers, internal LJK parties and other relevant parties).
The Draft Regulation sets out various types of acts that will now be classified as fraud, including the following: 1) Corruption, including conflicts of interest, bribery, illicit receipts and extortion; 2) Misappropriation of assets, including cash and inventories; 3) Financial statement fraud, including manipulation of assets and/or net income; 4) Fraud (Penipuan); 5) The leaking of confidential information; and 6) Other related actions.
In terms of its implementation, preparation and application, the anti-fraud strategy is being formulated around four main pillars, specifically: 1) Prevention; 2) Detection; 3) Investigations, reporting and sanctions; and 4) Monitoring, evaluations and follow-ups. Furthermore, the Draft Regulation also mandates that LJK should establish special work units/functions that will be responsible for the implementation of said strategy within the relevant boards of directors and/or boards of commissioners.
The OJK is currently soliciting input on the Draft Regulation until a deadline of 24 November 2023. Said input may be submitted via: https://bit.ly/tanggapanRPOJKSAFLJK.

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The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently in the process of drawing up a Draft Regulation (“Draft Regulation”) on the Application of Anti-Fraud Strategies by Financial Services Institutions (Lembaga Jasa Keuangan – “LJK”) which, when it ultimately comes into force, will apply to various stakeholders who are involved in LJK business activities (i.e. consumers, internal LJK parties and other relevant parties).
The Draft Regulation sets out various types of acts that will now be classified as fraud, including the following: 1) Corruption, including conflicts of interest, bribery, illicit receipts and extortion; 2) Misappropriation of assets, including cash and inventories; 3) Financial statement fraud, including manipulation of assets and/or net income; 4) Fraud (Penipuan); 5) The leaking of confidential information; and 6) Other related actions.
In terms of its implementation, preparation and application, the anti-fraud strategy is being formulated around four main pillars, specifically: 1) Prevention; 2) Detection; 3) Investigations, reporting and sanctions; and 4) Monitoring, evaluations and follow-ups. Furthermore, the Draft Regulation also mandates that LJK should establish special work units/functions that will be responsible for the implementation of said strategy within the relevant boards of directors and/or boards of commissioners.
The OJK is currently soliciting input on the Draft Regulation until a deadline of 24 November 2023. Said input may be submitted via: https://bit.ly/tanggapanRPOJKSAFLJK.

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