Regulatory Alerts2014-01-21
Bank Indonesia Regulation on Consumer Protection in Payment System Service
Bank Indonesia issued Regulation Number 16/1/PBI/2014 to consolidate and reinforce consumer protection standards for payment system service providers. The regulation mandates that providers adhere to principles of fairness, transparency, data privacy, and effective complaint resolution while ensuring equal access and reasonable fee structures. It establishes internal control obligations, reporting requirements, and administrative sanctions for non-compliance to balance the relationship between providers and consumers.
Share