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.
Regulation /
Search Regulation / Bank Secrecy
Sector: Banking
Sub-Sector: Commercial Banks; Sharia Banking
Regulation Type: OJK Regulation
Regulation Number: 44 of 2024
Effective Date: 12/27/2024
Appendix 1 POJK 44 of 2024 on Bank Secrecy.pdf Abstract of POJK 44 of 2024 on Bank Secrecy.pdf FAQ of POJK 44 of 2024 on Bank Secrecy.pdf
Page Content Financial Services Authority Regulation Number 44 of 2024 concerning Bank Secrecy
Abstract: To implement the mandate of Article 40A paragraph (2) of Law Number 7 of 1992 concerning Banking as amended several times, lastly by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, and Article 41A paragraph (2) of Law Number 21 of 2008 concerning Sharia Banking as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, as well as existing regulations regarding bank secrecy, which currently is Bank Indonesia Regulation Number 2/19/PBI/2000 concerning Requirements and Procedures for Issuing Written Orders or Permits to Reveal Bank Secrecy, it is necessary to establish a Financial Services Authority Regulation concerning Bank Secrecy.
The legal basis for this Financial Services Authority Regulation (POJK) is: Law No. 7 of 1992 as amended several times, lastly by Law No. 4 of 2023; Law No. 21 of 2008 as amended by Law No. 4 of 2023; Law No. 21 of 2011 as amended by Law No. 4 of 2023.
This Financial Services Authority Regulation covers among other things the following main provisions: changes to the definition of bank secrecy, addition and expansion of exceptions to bank secrecy, the authority of the Financial Services Authority to issue permits to reveal bank secrecy, addition of parties whose information can be requested for judicial purposes in criminal cases, the possibility of issuing permits to other investigators authorized by Law to obtain information from Banks regarding the deposits of suspects, defendants, convicts, or other parties related to suspects, defendants, or convicts for judicial purposes in criminal cases, limitations on the purpose of information exchange between Banks. In addition, this Financial Services Authority Regulation contains provisions regarding the obligation for Banks to have internal procedures regarding the opening of bank secrecy and provisions regarding the imposition of administrative sanctions on both Banks and affiliated parties.
Note: This Financial Services Authority Regulation takes effect on the date of promulgation. This Financial Services Authority Regulation was promulgated on December 27, 2024, and established on December 24, 2024. This Financial Services Authority Regulation applies to Conventional Commercial Banks, Sharia Commercial Banks, People's Economy Banks, Sharia People's Economy Banks, and Branch Offices of Banks located abroad. At the time this Financial Services Authority Regulation takes effect, Bank Indonesia Regulation Number 2/19/PBI/2000 of 2000 concerning Requirements and Procedures for Issuing Written Orders or Permits to Reveal Bank Secrecy is repealed and declared invalid.