Regulatory AlertsOJK Regulation No. 44 of 2024 on Bank Secrecy
The Financial Services Authority (OJK) issued Regulation No. 44 of 2024 to replace Bank Indonesia's previous rules and establish a unified framework for bank secrecy. The regulation expands exceptions to confidentiality, grants OJK authority to issue disclosure permits, and allows investigators to access account information for criminal proceedings. It also mandates internal bank procedures for handling secrecy requests and imposes administrative sanctions on banks and affiliates for non-compliance.
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