Regulatory AlertsImplementation of Compliance Functions for Rural Banks and Sharia Rural Banks
The Financial Services Authority (OJK) issued Circular Letter No. 8/SEOJK.03/2025 to operationalize compliance functions for Rural Banks (BPR) and Sharia Rural Banks (BPRS) under POJK No. 9/2024 and POJK No. 25/2024. This regulation mandates the establishment of compliance cultures, risk management, and specific oversight duties for the Board of Commissioners and Directors, while explicitly revoking previous circulars from 2016 and 2019. Institutions are required to develop internal guidelines and submit specific compliance task reports in accordance with the attached appendices.
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