JAKARTA – The Financial Services Authority (OJK) has issued new regulations on bank secrecy, effective from December 27, 2024. OJK has emphasized several key points in this new regulation.

Acting Head of the Department of Financial Literacy, Inclusion, and Communication at OJK, M. Ismail Riyadi, stated that the regulation is set out in OJK Regulation No. 44/2024. OJK hopes that this regulation will serve as a guideline for all stakeholders.

"This applies to both parties requesting bank secrecy, such as law enforcement agencies, and the banking industry, which will provide the bank secrecy to the requesting party that meets the requirements," he said, as quoted on Tuesday (4/2).

One of the key changes regulated in this POJK (OJK Regulation) is the adjustment of the definition of Bank Secrecy to align with the Financial Sector Development and Strengthening Law (P2SK Law).

The terminology "everything" has now been changed to "information." Additionally, a new term, "Investor Customers and Their Investments," has been introduced, which was not included in the previous Bank Indonesia Regulation (PBI) on Bank Secrecy.

The regulation also highlights changes to the exceptions to Bank Secrecy to align with the P2SK Law. According to OJK’s official release, these exceptions include:

  1. Meeting mutual assistance in criminal matters;
  2. Serving the interests of other institutions for national governance purposes at the central level and public interest according to their duties and authorities under the law;
  3. Implementing reciprocal international agreements between authorities;
  4. Supporting tasks in monetary, macroprudential, and payment systems by Bank Indonesia, as well as supporting tasks in deposit insurance and resolution by the Deposit Insurance Corporation.

The POJK also regulates the obligation for banks or affiliated parties to maintain confidentiality over the information of depositors or investors and their amounts.

Furthermore, under this new regulation, banks are required to have internal procedures for disclosing Bank Secrecy, along with complete documentation for each process.

Additionally, the POJK establishes general limitations on the purposes and mechanisms for information exchange between banks, particularly in areas not covered by the previous Bank Indonesia Regulation on Bank Secrecy.

The issuance of this POJK also marks the revocation of Bank Indonesia Regulation No. 2/19/PBI/2000 on the Requirements and Procedures for Issuing Orders or Written Permission to Disclose Bank Secrecy. (LK/ZH/KR)