New Mandate on Bank Financial Reporting Integrity: Non-Compliance May Risks Fines of up to Rp. 50 Billion

In an attempt to improve the governance of and internal controls over banks’ financial reporting processes, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has introduced a new regulatory framework that should hopefully ensure the preparation of appropriate, accurate and integrity-based bank financial reports and information (collectively referred to as “Financial Disclosures”) through the issuance of Regulation No. 15 of 2024 (“Regulation 15/2024”), which has been in force since 9 October 2024.[1]