Regulatory Alerts2023-06-27
Bank Indonesia Regulation Number 3 of 2023 on Bank Indonesia Consumer Protection
Bank Indonesia issued Regulation Number 3 of 2023 to strengthen consumer protection frameworks by amending previous rules to address risks from financial sector innovation and digitization. The regulation mandates that providers apply eight core principles, including equality, transparency, data protection, and responsible business behavior, while establishing specific rights and obligations for both providers and consumers. It further defines administrative sanctions for non-compliance and expands the scope of regulated entities to include payment service providers and money market participants.
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