Regulatory Alerts2024-07-31
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Implementation of Anti-Fraud Strategy for Financial Service Institutions
The Financial Services Authority (OJK) issued Regulation No. 12 of 2024 to mandate a unified anti-fraud strategy for all financial service institutions in Indonesia, replacing previous sector-specific rules. The regulation requires institutions to implement a four-pillar framework covering prevention, detection, investigation, and monitoring, supported by fraud detection systems and dedicated organizational units. It further establishes strict obligations for the accurate and timely reporting of fraud incidents and strategy implementation to the regulator.
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