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Jakarta, VIVA – The Financial Services Authority (OJK) has issued Financial Services Authority Regulation (POJK) Number 44 of 2024 concerning Bank Secrecy.
Under this regulation, banks are required to keep confidential any information regarding depositors and their deposits, as well as investor customers and their investments.
Acting Head of the Financial Literacy, Inclusion, and Communication Department at OJK, M Ismail Riyadi, stated that the issuance of this POJK aims to update the previous regulations on bank secrecy, which were previously governed by Bank Indonesia Regulation Number 2/19/PBI/2000 concerning the Requirements and Procedures for Issuing Orders or Written Permits to Disclose Bank Secrecy, issued more than two decades ago.
"The issuance of POJK 44/2024 is expected to serve as a guideline for all stakeholders, including those requesting bank secrecy—such as law enforcement authorities—and the banking industry, which will provide bank secrecy information to eligible parties under the requirements for disclosure," Riyadi said in a statement on Tuesday (Feb 4).
This POJK on Bank Secrecy introduces several key adjustments, including aligning the definition of bank secrecy with the Financial Sector Development and Strengthening Law (UU P2SK).
Gedung Otoritas Jasa Keuangan (OJK)
Previously, the term used was "everything," which has now been refined to "information."
Additionally, a new terminology—Investor Customers and Their Investments—has been introduced, which was not previously covered under the definition of bank secrecy in the previous Bank Indonesia regulation.
The regulation also outlines exceptions to bank secrecy to align with UU P2SK.
These exceptions include cases such as providing mutual legal assistance in criminal matters, fulfilling the needs of other institutions for state administration purposes at the central level, and serving the public interest in accordance with statutory duties and authorities.
It also applies to the execution of reciprocal international cooperation agreements signed between regulatory authorities.
Furthermore, exceptions apply to tasks related to monetary policy, macroprudential oversight, and payment systems by Bank Indonesia, as well as deposit insurance and resolution functions carried out by the Indonesia Deposit Insurance Corporation (LPS).
Additionally, this POJK establishes the obligations of banks and/or affiliated parties to maintain the confidentiality of depositors’ and investors’ information.
It also mandates that banks implement internal procedures for disclosing bank secrecy and document all requests and disclosures of confidential information.
Another key aspect of this regulation is the introduction of mechanisms for disclosing bank secrecy, either through OJK or directly to banks.
In contrast, the previous Bank Indonesia regulation did not provide a mechanism for direct disclosure requests to banks.
The new POJK outlines the scope and general procedures for information exchange between banks.
With the enactment of this POJK, Bank Indonesia Regulation Number 2/19/PBI/2000 on the Requirements and Procedures for Issuing Orders or Written Permits to Disclose Bank Secrecy is officially revoked.
"This POJK takes effect from the date of its enactment, December 27, 2024," Riyadi stated.
He further emphasized that OJK will continue to monitor and evaluate the implementation of this regulation to ensure its effectiveness and optimal benefits for all stakeholders.
Halaman Selanjutnya
Additionally, a new terminology—Investor Customers and Their Investments—has been introduced, which was not previously covered under the definition of bank secrecy in the previous Bank Indonesia regulation.
