Regulatory Alerts2025-05-26
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Implementation of Internal Audit Functions for Rural Banks and Sharia Rural Banks
The Financial Services Authority (OJK) issued Circular Letter 9/SEOJK.03/2025 to implement governance standards for Rural Banks (BPR) and Sharia Rural Banks (BPRS) by mandating the establishment of internal audit functions. This regulation requires BPRs and BPRSs to develop internal audit guidelines tailored to their operational complexity and submit specific implementation and audit result reports. The circular supersedes previous 2016 and 2019 circulars regarding rural bank internal audit standards and took effect on May 26, 2025.
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