Regulatory AlertsSelf-Assessment of Compliance with Consumer and Community Protection Provisions in the Financial Services Sector
The Financial Services Authority (OJK) issued Circular Letter No. 18/SEOJK.08/2024 to implement Article 87(4) of POJK No. 22 of 2023 regarding consumer and community protection in the financial services sector. This regulation establishes the procedural framework for financial service business actors to conduct self-assessments of their compliance with protection provisions, including the specific format, technical guidelines, and submission requirements for the resulting reports. The circular mandates that responsible parties submit these standardized self-assessment reports to the OJK as an integral part of ongoing regulatory compliance.
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