OJK Regulation No. 44 of 2024 on Bank Secrecy

COPY
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 44 OF 2024
CONCERNING
BANK SECRECY
BY THE GRACE OF GOD THE ALMIGHTY,
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to implement the provisions of Article 40A paragraph (2) of Law Number 7 of 1992 concerning Banking as amended several times, lastly with Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, and Article 41A paragraph (2) of Law Number 21 of 2008 concerning Sharia Banking as amended with Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, it is necessary to establish a Financial Services Authority Regulation concerning Bank Secrecy; Recalling: 1. Law Number 7 of 1992 concerning Banking (State Gazette of the Republic of Indonesia Year 1992 Number 31, Supplement to the State Gazette of the Republic of Indonesia Number 3472) as amended several times, lastly with Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
2. Law Number 21 of 2008 concerning Sharia Banking (State Gazette of the Republic of Indonesia Year 2008 Number 94, Supplement to the State Gazette of the Republic of Indonesia Number 4867) as amended with Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
3. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended with Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
DECIDING:
Establishing: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING BANK SECRECY.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Commercial Bank is a bank that conducts conventional business activities and/or conducts business activities based on Sharia principles, which in its activities provides services in the payment circulation, including branches of banks located outside the country and Sharia business units.
2. People's Economy Bank, hereinafter referred to as BPR, is a conventional bank that in its activities does not directly provide services in giral (check) circulation.
3. Sharia People's Economy Bank, hereinafter referred to as BPR Syariah, is a type of Sharia bank that in its activities does not directly provide services in giral (check) circulation.
4. Bank is Commercial Bank, BPR, and BPR Syariah.
5. Deposit is funds entrusted by customers to the Bank based on a fund storage agreement or a contract that does not conflict with Sharia principles in the form of checking accounts, time deposits, deposit certificates, savings, and/or other forms that are equated with them.
6. Investment is funds entrusted by customers to the Bank that conducts business activities based on Sharia principles based on a mudharabah contract or other contracts that do not conflict with Sharia principles, the risks of which are borne by the investor customer.
7. Customer is a party that uses Bank services.
8. Depositor Customer is a Customer that places its funds in the Bank in the form of Deposits based on an agreement or contract between the Bank and the relevant Customer.
9. Investor Customer is a Customer that places its funds in the Bank that conducts business activities based on Sharia principles in the form of investment based on a contract between the Bank that conducts business activities based on Sharia principles and the relevant Customer.
10. Affiliated Party is:
    a. commissioners or equivalents, Sharia supervisory boards, directors or equivalents or their proxies, officials, or Bank employees; b. parties that provide services to the Bank, including public accountants, appraisers, legal consultants, and other consultants;
    c. parties that control or are controlled by the Bank, directly or indirectly; and/or
    d. parties that in the opinion of the Financial Services Authority participate in influencing the management of the Bank, directly or indirectly, including parties that have family relationships due to marriage and descent up to the second degree, both horizontally and vertically, with members of the board of commissioners or equivalents, members of the Sharia supervisory board, members of the board of directors or equivalents or their proxies, officials, or Bank employees.
11. Bank Secrecy is information related to details regarding Depositor Customers and Deposits of Depositor Customers as well as Investor Customers and Investments of Investor Customers.

CHAPTER II
BANK SECRECY
Section One
General
Article 2
(1) Banks and Affiliated Parties are obligated to keep confidential information regarding Depositor Customers and their Deposits and/or Investor Customers and their Investments.
(2) In the event that:
a. Depositor Customers are simultaneously Debtor Customers; b. Depositor Customers are simultaneously Recipient of Facilities Customers;
c. Investor Customers are simultaneously Recipient of Facilities Customers; or
d. Investor Customers are simultaneously Debtor Customers, the obligation of the Bank and Affiliated Parties to keep confidential information regarding Customers as referred to in paragraph (1) is carried out in their capacity as Depositor Customers and their Deposits and/or Investor Customers and their Investments.

Section Two
Exceptions to Bank Secrecy
Article 3
The obligation to keep confidential information regarding Depositor Customers and their Deposits and/or Investor Customers and their Investments as referred to in Article 2 paragraph (1) does not apply to:
a. judicial interests in civil cases between the Bank and Customers, Customers and Customers, and related to Customers; b. judicial interests in criminal cases;
c. requests from a curator established based on a commercial court decision regarding bankruptcy or requests from a liquidator established based on a court decree in the framework of asset settlement;
d. requests, approvals, or powers of attorney from Depositor Customers and/or Investor Customers made in writing; e. requests from legal heirs of Depositor Customers and/or Investor Customers who have passed away; f. information exchange between Banks; g. mutual assistance in criminal matters; h. requests for financial information for tax interests based on statutory regulations;
i. interests of other agencies for the purpose of state administration at the central level and public interests in accordance with duties and authorities in Laws;
j. interests in the implementation of duties in the fields of monetary, macroprudential, and payment systems by Bank Indonesia; k. interests in the implementation of duties in the field of Deposit Insurance and resolution by the Deposit Insurance Agency;
l. implementation of cooperation agreements between authorities between countries that have been signed reciprocally; and
m. settlement of receivables that have been handed over to the National Receivables Management Committee.
Article 4
(1) In carrying out the opening of Bank Secrecy as referred to in Article 3, the Bank must have internal procedures regarding the opening of Bank Secrecy.
(2) The Bank documents all requests and provision of Bank Secrecy information opening.

Section Three
Administrative Sanctions
Article 5
(1) Banks and/or Affiliated Parties that violate the provisions as referred to in Article 2 paragraph (1) and/or Article 4 paragraph (1) are subject to administrative sanctions in the form of written reprimands. (2) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1), and continues to violate the provisions as referred to in Article 2 paragraph (1) and/or Article 4 paragraph (1), the Bank is subject to administrative sanctions in the form of a reduction in the governance factor assessment in the Bank Health Level assessment. (3) In the event that the Bank and/or Affiliated Parties who are the main parties of the Bank have been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), the main parties of the Bank may be subject to administrative sanctions in the form of a prohibition from acting as main parties in accordance with the Financial Services Authority Regulation regarding re-evaluation of main parties of financial service institutions. (4) In the event that Affiliated Parties that provide services to the Bank have been subject to administrative sanctions as referred to in paragraph (1), the Affiliated Parties that provide services to the Bank may be subject to administrative sanctions in the form of a prohibition from providing their services to the banking sector and/or submission of proposals to the competent agency to revoke or cancel business licenses as service providers for the Bank. (5) In addition to the administrative sanctions as referred to in paragraph (1), paragraph (2), and/or paragraph (3), Commercial Banks that violate the provisions as referred to in Article 2 paragraph (1) and/or Article 4 paragraph (1) may be subject to administrative sanctions in the form of fines of at least IDR 2,000,000,000.00 (two billion rupiah) and at most IDR 15,000,000,000.00 (fifteen billion rupiah). (6) In addition to the administrative sanctions as referred to in paragraph (1), paragraph (2), and/or paragraph (3), BPR or BPR Syariah that violate the provisions as referred to in Article 2 paragraph (1) and/or Article 4 paragraph (1) may be subject to administrative sanctions in the form of fines of at least IDR 10,000,000.00 (ten million rupiah) and at most IDR 100,000,000.00 (one hundred million rupiah). (7) In addition to the administrative sanctions as referred to in paragraph (1), paragraph (3), and/or paragraph (4), Affiliated Parties that violate the provisions as referred to in Article 2 paragraph (1) may be subject to administrative sanctions in the form of fines of at least IDR 10,000,000.00 (ten million rupiah) and at most IDR 15,000,000,000.00 (fifteen billion rupiah).

CHAPTER III
REQUESTS FOR OPENING BANK SECRECY THROUGH FINANCIAL SERVICES AUTHORITY PERMISSION OR COORDINATION
Section One
General
Article 6
(1) The Financial Services Authority has the authority to grant written permission to open Bank Secrecy for:
a. judicial interests in criminal cases as referred to in Article 3 letter b; b. mutual assistance in criminal matters as referred to in Article 3 letter g; and
c. settlement of receivables that have been handed over to the National Receivables Management Committee as referred to in Article 3 letter m.
(2) In order to fulfill the opening of Bank Secrecy as referred to in Article 3 letter i, the relevant agency must coordinate with the Financial Services Authority.
(3) In order to fulfill the opening of Bank Secrecy as referred to in Article 3 letter l, the agreement partner submits a written information request to the Financial Services Authority based on the cooperation agreement.
Section Two
Permission to Open Bank Secrecy
Paragraph 1
Judicial Interests in Criminal Cases
Article 7
(1) For judicial criminal interests as referred to in Article 3 letter b, the Financial Services Authority has the authority to grant permission to police, prosecutors, judges, or other investigators who are given authority based on Laws to obtain information from the Bank regarding Deposits and/or Investments of suspects, defendants, convicts, or other parties related to suspects, defendants, or convicts, unless otherwise determined in Laws. (2) Permission as referred to in paragraph (1) is given in writing based on a written request from:
a. The Chief of the National Police of the Republic of Indonesia, the Chief of the Criminal Investigation Agency of the National Police of the Republic of Indonesia, or the Chief of Regional Police in the event that the request is submitted by investigators from the National Police of the Republic of Indonesia; b. The Attorney General, Deputy Attorney General, or Chief of High Prosecutor's Office in the event that the request is submitted by investigative prosecutors and/or public prosecutors;
c. The Chief of the Supreme Court, Chief of High Court, or Chief of District Court; or
d. the head of the agency given authority to conduct investigations or a position one level below the head of the agency given authority to conduct investigations.
(3) Requests and issuance of written permission to obtain details as referred to in paragraph (1) for judicial interests in criminal cases processed outside general courts are carried out in accordance with the provisions in paragraph (2). (4) Requests as referred to in paragraph (2) must mention:
a. the name and position of police, prosecutors, judges, or investigators; b. the name of the suspect, defendant, convict, or other party related to the suspect, defendant, or convict at the Bank where the request is made;
c. the identity document number of the suspect, defendant, convict, or other party related to the suspect, defendant, or convict (if available);
d. the name of the Bank where the suspect, defendant, convict, or other party related to the suspect, defendant, or convict has Deposits and/or Investments; e. the details requested; f. the reason for the need for details; g. the relationship of the criminal case concerned with the details needed; and h. in the event that the request is made against other parties related to the suspect, defendant, or convict, it must mention the relationship between the related party and the suspect, defendant, or convict. (5) The Financial Services Authority conducts an analysis of the request as referred to in paragraph (2).

Paragraph 2
Mutual Assistance in Criminal Matters
Article 8
(1) To fulfill mutual assistance in criminal matters as referred to in Article 3 letter g, the Financial Services Authority may grant permission to police or prosecutors to obtain information from the Bank based on Laws regarding mutual assistance in criminal matters. (2) Permission as referred to in paragraph (1) is given in writing based on a written request from:
a. The Chief of the National Police of the Republic of Indonesia or a designated official of the National Police of the Republic of Indonesia; or b. The Attorney General or a designated official of the Attorney General's Office. (3) Written requests as referred to in paragraph (2) must mention:
a. the name and position of police or prosecutors; b. the name of the related party requested; and
c. a description that the assistance request is related to an investigation, prosecution, and examination in court sessions in the requesting country and their status as suspects or witnesses as referred to in Laws regarding mutual assistance in criminal matters.
(4) The Financial Services Authority conducts an analysis of the request as referred to in paragraph (2).

Paragraph 3
Settlement of Receivables Handed Over to the National Receivables Management Committee
Article 9
(1) For the purpose of settling receivables that have been handed over to the National Receivables Management Committee as referred to in Article 3 letter m, the Financial Services Authority grants permission to the National Receivables Management Committee to obtain details from the Bank regarding Deposits of Debtor Customers. (2) Permission as referred to in paragraph (1) is given in writing by the Financial Services Authority based on a written request from the Chairman of the Central National Receivables Management Committee. (3) Written requests as referred to in paragraph (2) must mention:
a. the name and position of National Receivables Management Committee officials; b. the name of the relevant Customer;
c. the name of the Bank where the Debtor Customer has Deposits;
d. the details requested; and e. the reason for the need for details.
(4) The Financial Services Authority conducts an analysis of the request as referred to in paragraph (2).

Paragraph 4
Mechanism
Article 10
(1) Written requests as referred to in Article 7, Article 8, and Article 9 are addressed to the Chairman of the Commissioners Board of the Financial Services Authority.
(2) The Financial Services Authority has the authority to refuse to grant written permission to open Bank Secrecy in the event that the written request does not meet:
a. the requirements as referred to in paragraph (1); and b. the requirements as referred to in Article 7, Article 8, or Article 9.
(3) The issuance or rejection of written permission to open Bank Secrecy as referred to in Article 7 and Article 9 is determined within a maximum of 7 (seven) working days after the request letter is received completely by the Financial Services Authority. (4) The issuance or rejection of written permission to open Bank Secrecy as referred to in Article 7 related to corruption criminal offenses is determined within a maximum of 3 (three) working days calculated from the date the request letter is received completely by the Financial Services Authority. (5) The issuance or rejection of written permission to open Bank Secrecy as referred to in Article 7 related to criminal offenses other than those regulated in paragraph (3) and (4) is carried out in accordance with Laws.
Article 11
(1) Requests, issuance, or rejection of written permission to open Bank Secrecy as referred to in Article 7, Article 8, Article 9, and Article 10 can be done electronically or non-electronically. (2) In the event that there is no facility for submitting written permission requests to open Bank Secrecy electronically, submission is done non-electronically. (3) Requests for written permission to open Bank Secrecy as referred to in paragraph (1) can use electronic signatures. (4) Electronic signatures as referred to in paragraph (3) must be certified by an electronic certification service provider.
Article 12
(1) Applicants for the opening of Bank Secrecy as referred to in Article 7, Article 8, and Article 9 must submit written permission from the Financial Services Authority to the Bank.
(2) The Bank is obligated to implement the opening of Bank Secrecy in accordance with the written permission from the Financial Services Authority as referred to in paragraph (1).
(3) The opening of Bank Secrecy as referred to in paragraph (2) is carried out by the Bank by providing written details, showing written evidence, letters, and/or printouts of electronic data regarding the financial condition of the Depositor Customer or Investor Customer mentioned in the written permission. (4) The Bank is prohibited from providing Bank Secrecy other than what is mentioned in the written permission from the Financial Services Authority.

Section Three
Coordination of Bank Secrecy Opening for Other Agencies Paragraph 1 Interests of Other Agencies for the Purpose of State Administration at the Central Level and Public Interests in Accordance with Duties and Authorities in Laws
Article 13
(1) Relevant agencies must coordinate with the Financial Services Authority in fulfilling the opening of Bank Secrecy for the purpose of state administration at the central level and public interests as referred to in Article 3 letter i. (2) Coordination with the Financial Services Authority as referred to in paragraph (1) is done in writing by submitting information requests to the Financial Services Authority to obtain the required Bank Secrecy. (3) Information requests as referred to in paragraph (2) must meet the criteria:
a. signed electronically or non-electronically by ministers, agency heads, or officials one level below ministers or agency heads; b. carried out for public interests;
c. supporting the implementation of government tasks at the central level;
d. not harming the community; and e. addressed to the Chairman of the Commissioners Board of the Financial Services Authority.
(4) Information requests as referred to in paragraph (2) must mention:
a. the name of the Depositor Customer or Investor Customer; b. the name of the Bank where the Depositor Customer or Investor Customer is located;
c. the details requested; and
d. the purpose of the Customer information request.
(5) The Financial Services Authority conducts an analysis of the information request as referred to in paragraph (2).

Paragraph 2
Mechanism
Article 14
(1) In the event that information requests as referred to in Article 13 paragraph (2) are assessed to have met the criteria, the Financial Services Authority submits a request to open Bank Secrecy to the Bank. (2) The Bank is obligated to fulfill the request to open Bank Secrecy as referred to in paragraph (1) by submitting the requested Bank Secrecy to the Financial Services Authority. (3) The opening of Bank Secrecy as referred to in paragraph (2) is carried out by the Bank by providing:
a. written details; b. written evidence; and/or
c. printouts of electronic data,
regarding the financial condition of the Depositor Customer or Investor Customer mentioned in the information request.
(4) The Financial Services Authority submits the Bank Secrecy as referred to in paragraph (2) to the agency that made the information request.

Section Four
Implementation of Reciprocal Cooperation Agreements Between Authorities Between Countries Paragraph 1 Implementation of Cooperation Agreements
Article 15
(1) For the implementation of cooperation agreements between authorities between countries that have been signed reciprocally as referred to in Article 3 letter l, the agreement partner submits information requests to the Financial Services Authority to obtain Bank Secrecy. (2) The Financial Services Authority may provide information as referred to in paragraph (1) by considering the principle of reciprocity. (3) In the event that the Financial Services Authority provides information as referred to in paragraph (1), such information can be used by the requesting agreement partner for criminal, civil, or administrative interests in accordance with statutory regulations.

Paragraph 2
Mechanism
Article 16
(1) Regarding information requests as referred to in Article 15 paragraph (1), the Financial Services Authority submits a request to open Bank Secrecy to the Bank.
(2) The Bank is obligated to fulfill the request to open Bank Secrecy as referred to in paragraph (1) by submitting the requested Bank Secrecy to the Financial Services Authority.
(3) The opening of Bank Secrecy as referred to in paragraph (2) is carried out by the Bank by providing:
a. written details; b. written evidence; and/or
c. printouts of electronic data,
regarding the financial condition of the Customer mentioned in the information request.
(4) The Financial Services Authority submits the Bank Secrecy as referred to in paragraph (2) to the agreement partner that submitted the information request.

Section Five
Administrative Sanctions
Article 17
(1) Banks that violate the provisions as referred to in Article 12 paragraph (2), paragraph (4), Article 14 paragraph (2), and/or Article 16 paragraph (2) are subject to administrative sanctions in the form of written reprimands. (2) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1), and continues to violate the provisions as referred to in Article 12 paragraph (2), paragraph (4), Article 14 paragraph (2), and/or Article 16 paragraph (2), the Bank is subject to administrative sanctions in the form of a reduction in the governance factor assessment in the Bank Health Level assessment. (3) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), the main parties of the Bank may be subject to administrative sanctions in the form of a prohibition from acting as main parties in accordance with the Financial Services Authority Regulation regarding re-evaluation of main parties of financial service institutions.

CHAPTER IV
REQUESTS FOR OPENING BANK SECRECY WITHOUT THROUGH THE FINANCIAL SERVICES AUTHORITY
Section One
General
Article 18
Implementation of the provisions as referred to in Article 3 letter a, letter c, letter d, letter e, letter f, letter h, letter j, and letter k, does not require written permission to open Bank Secrecy from the Financial Services Authority.

Section Two
Judicial Interests in Civil Cases
Article 19

(1) In civil matters as referred to in Article 3 letter a, the following apply:
a. for civil matters between the Bank and the Customer, the Bank's Board of Directors or equivalent may inform the court about the financial condition of the relevant Customer and provide other relevant information regarding the matter; or b. for civil matters between Customers and Customers, and related to Customers, the Bank's Board of Directors or equivalent is required to inform the court about the Customer's financial condition and other relevant information regarding the matter upon request. (2) The submission of information to the court as referred to in paragraph (1) letter b for civil matters between Customers and Customers, and related to Customers, is provided upon request from:
a. the Head of the District Court; b. the Head of the High Court; or
c. the Head of the Supreme Court.
(3) The Bank provides Bank Secrecy information for the interest of justice in civil matters regarding joint property in divorce cases based on a request as referred to in paragraph (2), accompanied by supporting documents. (4) Supporting documents as referred to in paragraph (3) consist of:
a. photocopies of divorce lawsuits and/or post-divorce joint property lawsuits that have been registered at the court; b. photocopies of court decisions regarding divorce lawsuits in the event that there is a decision on the divorce matter; and/or
c. photocopies of marriage certificates/marriage books and family cards of the parties to prove the existence of a legal marriage relationship among the interested parties.

Part Three
Requests from Curators Based on Commercial Court Decisions Regarding Bankruptcy or Requests from Liquidators Based on Court Appointments in the Framework of Asset Settlement

Article 20
(1) Upon request:
a. from a curator based on a commercial court decision regarding bankruptcy; or b. from a liquidator based on a court appointment in the framework of asset settlement, as referred to in Article 3 letter c, the Bank is required to provide information to the curator or liquidator regarding Customer Deposits and/or Customer Investments related to the implementation of bankruptcy or liquidation. (2) Requests from curators or liquidators as referred to in paragraph (1) must attach the commercial court decision or court appointment.

Part Four
Requests, Approvals, or Powers of Attorney from Depositor Customers or Investor Customers Made in Writing

Article 21
(1) Upon request, approval, or power of attorney from Depositor Customers or Investor Customers made in writing as referred to in Article 3 letter d, the Bank is required to provide Bank Secrecy to the party designated by the Depositor Customer or Investor Customer. (2) In the event that the Customer as referred to in paragraph (1) is a corporation or business entity, whether in the form of a legal entity or non-legal entity, or another body, the request, approval, or power of attorney is conducted by the person authorized to represent the aforementioned body in accordance with applicable legislation. (3) The party designated by the Customer as referred to in paragraph (1) may be designated through a general power of attorney or special power of attorney as long as the Customer as the grantor provides authority related to the opening of Bank Secrecy. (4) The mechanism for request, approval, or power of attorney as referred to in paragraph (1) may be conducted through a specific system or application owned by the Bank.

Part Five
Requests from Legitimate Heirs of Depositor Customers and/or Investor Customers Who Have Passed Away

Article 22
(1) In the event that the Customer has passed away, the legitimate heirs of the Depositor Customer and/or Investor Customer as referred to in Article 3 letter e are entitled to obtain information regarding the Depositor Customer's Deposits and/or Investor Customer's Investments. (2) Legitimate heirs as referred to in paragraph (1) submit applications directly to the Bank by bringing supporting documents that prove that the heirs are legitimate heirs of the Depositor Customer and/or Investor Customer. (3) The Bank is required to provide Bank Secrecy to the legitimate heirs as referred to in paragraph (1).

Part Six
Inter-Bank Information Exchange

Article 23
(1) In the framework of inter-bank information exchange as referred to in Article 3 letter f, the Bank's Board of Directors or equivalent may inform other Banks of Bank Secrecy.
(2) Banks are prohibited from exchanging inter-bank information as referred to in paragraph (1) except for the following purposes:
a. implementation of the Bank's internal audit or risk management implementation; b. prevention of similar criminal offenses that have previously occurred at the Bank;
c. efficiency of data sharing within one business group, for example, banking synergy;
d. business mergers or plans for business mergers of the Bank or its parent financial company with companies having ownership relationships, takeovers or plans for takeovers of the Bank, consolidations or plans for consolidations of the Bank, integrations or plans for integrations of the Bank, as well as separations or plans for separations; e. exchange of financial conglomerate information implemented in accordance with Financial Services Authority Regulations regarding the implementation of anti-money laundering, counter-terrorism financing, and counter-proliferation financing of mass destruction weapons programs in the financial services sector; and f. handling criminal offenses in the financial sector. (3) Inter-bank customer information exchange as referred to in paragraph (1) and paragraph (2) may be conducted directly by the Bank and/or through an integrated data management infrastructure facilitated by the Financial Services Authority. (4) In the event that the Bank implements direct inter-bank information exchange as referred to in paragraph (3), it is conducted in accordance with applicable legislation. (5) Banks receiving information as referred to in paragraph (1) are required to keep the received information confidential. (6) Information exchange as referred to in paragraph (1) is prohibited for marketing purposes.

Part Seven
Interest in the Implementation of Monetary, Macroprudential, and Payment System Tasks by Bank Indonesia

Article 24
(1) For the interest of implementing tasks in the fields of monetary policy, macroprudential supervision, and payment systems by Bank Indonesia as referred to in Article 3 letter j, Bank Indonesia may request Bank Secrecy information from the Bank. (2) The Bank is required to provide Bank Secrecy information to Bank Indonesia as referred to in paragraph (1). (3) Requests for Bank Secrecy as referred to in paragraph (1) and the provision of Bank Secrecy information as referred to in paragraph (2), data and information access may be conducted through an integrated information system.

Part Eight
Interest in the Implementation of Deposit Guarantee and Resolution Tasks by the Deposit Insurance Corporation

Article 25
(1) For the interest of implementing tasks in the fields of deposit guarantee and resolution by the Deposit Insurance Corporation as referred to in Article 3 letter k, the Deposit Insurance Corporation may request Bank Secrecy information from the Bank. (2) The Bank is required to provide Bank Secrecy information to the Deposit Insurance Corporation as referred to in paragraph (1). (3) Requests for Bank Secrecy as referred to in paragraph (1) and the provision of Bank Secrecy information as referred to in paragraph (2), data and information access may be conducted through an integrated information system.

Part Nine
Administrative Sanctions

Article 26
(1) Banks that violate the provisions as referred to in Article 19 paragraph (1) letter b, Article 20 paragraph (1), Article 21 paragraph (1), Article 22 paragraph (3), Article 23 paragraph (2), paragraph (5), paragraph (6), Article 24 paragraph (2), and/or Article 25 paragraph (2) are subject to administrative sanctions in the form of written reprimands. (2) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1), and continues to violate the provisions as referred to in Article 19 paragraph (1) letter b, Article 20 paragraph (1), Article 21 paragraph (1), Article 22 paragraph (3), Article 23 paragraph (2), paragraph (5), paragraph (6), Article 24 paragraph (2), and/or Article 25 paragraph (2), the Bank is subject to administrative sanctions in the form of a downgrade of the governance factor assessment in the Bank health assessment. (3) In the event that the Bank has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (2), the Bank's principal parties may be subject to administrative sanctions in the form of a prohibition from acting as a principal party in accordance with Financial Services Authority Regulations regarding the re-evaluation of principal parties of financial service institutions.

This copy is consistent with the original
Director of Legal Development
Legal Department signed
Aat Windradi

CHAPTER V
CLOSING PROVISIONS

Article 27
Upon the commencement of this Financial Services Authority Regulation, Bank Indonesia Regulation Number 2/19/PBI/2000 Year 2000 regarding Requirements and Procedures for Issuing Written Orders or Permissions to Open Bank Secrecy (State Gazette of the Republic of Indonesia Year 2000 Number 152, Supplement to the State Gazette of the Republic of Indonesia Number 3998), is repealed and declared invalid.

Article 28
This Financial Services Authority Regulation comes into force on the date of its promulgation.

To ensure that everyone knows it, the promulgation of this Financial Services Authority Regulation is ordered by placing it in the State Gazette of the Republic of Indonesia.

Determined in Jakarta on December 24, 2024

DEPUTY CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA AS A SUBSTITUTE MEMBER OF THE COMMISSIONERS BOARD REPLACING THE CHAIRMAN OF THE COMMISSIONERS BOARD,

signed
MIRZA ADITYASWARA

Promulgated in Jakarta on December 27, 2024

MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,

signed
SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2024 NUMBER 57/OJK

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA REGULATION NUMBER 44 YEAR 2024 REGARDING BANK SECRECY

I. GENERAL
Banks as intermediary institutions in carrying out their business activities always rely on public trust, especially the trust of Depositor Customers who place their deposits and Investor Customers who place their investments. Banks as trust institutions are required to keep confidential information related to information regarding Depositor Customers and Deposits from Depositor Customers as well as Investor Customers and Investments from Investor Customers. On the other hand, there are exceptions to Bank Secrecy regulated in legislation. The scope of Bank Secrecy exceptions tends to continue to expand. This is in line with the increasing complexity of economic problems, international cooperation, and the increasing use of information technology to commit crimes. In accordance with the mandate in Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, the needs regarding exceptions to Bank Secrecy are for the interest of justice in civil matters between Banks and Customers, Customers and Customers, and related to Customers; interest of justice in criminal matters; requests from curators or liquidators in the framework of asset settlement; requests, approvals, or written powers of attorney from Depositor Customers and/or Investor Customers; requests from heirs of Depositor Customers and/or Investor Customers who have passed away; inter-bank information exchange; fulfillment of mutual legal assistance in criminal matters; requests for financial information for tax purposes; interest of other institutions for the purpose of state administration at the central level and public interest in accordance with duties and authorities in the Law; interest in the implementation of tasks in the fields of monetary, macroprudential, and payment systems by Bank Indonesia; interest in the implementation of tasks in the fields of deposit guarantee and resolution by the Deposit Insurance Corporation; implementation of cooperation agreements between authorities of countries that have been signed reciprocally; and settlement of debts that have been handed over to the National Debt Management Committee. In the OJK regulatory framework, there is a need for harmony and synergy in regulations regarding Bank Secrecy given the expanding exceptions to Bank Secrecy and also as an effort to protect the public, especially Customers whose information regarding deposits or investments is disclosed, and in accordance with applicable legislation, including banking regulations and Islamic banking regulations. Therefore, further and more technical regulations are needed in a Financial Services Authority Regulation regarding the implementation of the Financial Services Authority's authority in issuing written permissions to open Bank Secrecy, and standardization of mechanisms and procedures for opening Bank Secrecy both conducted through the Financial Services Authority and conducted directly to Banks. In relation to this and to implement the
provisions of Article 40A paragraph (2) of Law Number 7 of 1992 concerning Banking as amended several times lastly by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector and Article 41A paragraph (2) of Law Number 21 of 2008 concerning Islamic Banking as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, a provision is needed that becomes the mechanism for opening Bank Secrecy further in this Financial Services Authority Regulation.

II. ARTICLE BY ARTICLE

Article 1
Clearly sufficient.

Article 2
Paragraph (1)
What is meant by "information" is statements, declarations, ideas, and signs that contain value, meaning, and messages, whether data, facts, or their explanations that can be seen, heard, and read, presented in various packaging and formats in accordance with the development of information and communication technology electronically or non-electronically.

Paragraph (2)
Example:
Customer X has savings and deposits and has a credit card at Bank Y. The information included in Bank Secrecy is Customer X's information regarding the ownership of savings and deposits at Bank Y. Information regarding Customer X's credit card is not Bank Secrecy at Bank Y. However, Bank Y must still maintain the confidentiality of such information in accordance with applicable legislation, including Laws regarding personal data protection and Financial Services Authority Regulations regarding consumer and public protection in the financial services sector.

Letter a
Depositor Customers also become debtor Customers at the same Bank.
What is meant by "Debtor Customer" is a Customer who obtains credit facilities or financing based on Sharia principles or those equivalent to it based on an agreement between the Bank and the relevant Customer.

Letter b
Depositor Customers also become facility recipients at the same Bank.
What is meant by "Facility Recipient Customer" is a Customer who obtains fund facilities or those equivalent to it, based on Sharia principles.

Letter c
Investor Customers also become facility recipients at the same Bank.
See explanation of paragraph (2) letter b.

Letter d
Investor Customers also become debtor Customers at the same Bank.
See explanation of paragraph (2) letter a.

Article 3
Letter a
Justice in civil matters, including general justice and religious justice, including for the interest of justice regarding joint property in divorce and in the framework of asset recovery.

Letter b
What is meant by "interest of justice in criminal matters" is the interest in the judicial process of a matter starting from the investigation stage to the final court decision.

Letter c
Clearly sufficient.

Letter d
Clearly sufficient.

Letter e
What is meant by "legitimate heirs" are heirs declared legitimate as heirs of Depositor Customers and/or Investor Customers who have passed away, proven by supporting documents.

Letter f
Inter-bank information exchange can be conducted, among others, through an integrated data management infrastructure facilitated by the Financial Services Authority.

Letter g
What is meant by "mutual legal assistance in criminal matters" is requests for assistance regarding investigation, prosecution, and examination in court trials in accordance with the legislation of the requested country. Fulfillment of mutual legal assistance in criminal matters is implemented in accordance with Laws regarding mutual legal assistance in criminal matters.

Letter h
Requests are conducted in accordance with Laws regarding access to financial information for tax purposes and their implementing regulations.

Letter i
Clearly sufficient.

Letter j
In the implementation of Bank Indonesia's tasks, data and information access can be conducted through an integrated information system.

Letter k
In the implementation of the Deposit Insurance Corporation's tasks, data and information access can be conducted through an integrated information system.

Letter l
Clearly sufficient.

Letter m
Clearly sufficient.

Article 4
Clearly sufficient.

Article 5
Paragraph (1)
Clearly sufficient.

Paragraph (2)
Clearly sufficient.

Paragraph (3)
What is meant by "Affiliated Parties who are Principal Parties" are parties who own, manage, supervise, and/or have significant influence on the Bank, including, among others, commissioners or equivalents, Sharia supervisory boards, boards of directors or equivalents, and controlling shareholders.

Paragraph (4)
Imposition of administrative sanctions on Affiliated Parties who provide services to Banks that are public accountants and accounting firms is conducted in accordance with Financial Services Authority Regulations regarding the use of public accountant services and accounting firms in financial service activities.

Paragraph (5)
Clearly sufficient.

Paragraph (6)
Clearly sufficient.

Paragraph (7)
Clearly sufficient.

Article 6
Clearly sufficient.

Article 7
Paragraph (1)
Other investigators given authority based on Laws, including, among others, civil servant investigators and Corruption Eradication Commission investigators.
Examples of Laws that determine otherwise include Laws regarding the Corruption Eradication Commission, Laws regarding the prevention and eradication of terrorism financing crimes, Laws regarding narcotics, and Laws regarding the prevention and eradication of money laundering crimes.

Paragraph (2)
Letter a
Clearly sufficient.

Letter b
Clearly sufficient.

Letter c
Clearly sufficient.

Letter d
What is meant by "head of the institution given authority to conduct investigations" is a minister or head of a non-ministerial government institution at the ministerial level or a position one level below it that is given investigation authority based on Laws.

Paragraph (3)
The provisions in this paragraph are intended so that requests for permission to obtain information from Banks regarding criminal matters processed at all levels outside general justice are conducted with inter-institutional coordination, the implementation of which refers to applicable legislation. Outside general justice, among others, requests are conducted by military justice.

Paragraph (4)
Letter a
Clearly sufficient.

Letter b
For requests to open Bank Secrecy of related parties, the Financial Services Authority will analyze who can be categorized as related parties.

Letter c
Identity document numbers, including, among others, population identification numbers, tax identification numbers, or business registration numbers, which are necessary to avoid the potential of having the same Customer names.

Letter d
Clearly sufficient.

Letter e
Clearly sufficient.

Letter f
Clearly sufficient.

Letter g
Clearly sufficient.

Letter h
Clearly sufficient.

Paragraph (5)
Clearly sufficient.

Article 8
Clearly sufficient.

Article 9
Paragraph (1)
Debtor Customers include Facility Recipient Customers.
What is meant by "Debtor Customer" and "Facility Recipient Customer" see the explanation of Article 2 paragraph (2).

Paragraph (2)
Clearly sufficient.

Paragraph (3)
Clearly sufficient.

Paragraph (4)
Clearly sufficient.

Article 10
Paragraph (1)
Clearly sufficient.

Paragraph (2)
Clearly sufficient.

Paragraph (3)
Clearly sufficient.

Paragraph (4)
Clearly sufficient.

Paragraph (5)
Laws, including, among others, Laws regarding the prevention and eradication of forest destruction.

Article 11
Paragraph (1)
Clearly sufficient.

Paragraph (2)
Clearly sufficient.

Paragraph (3)
What is meant by "electronic signature" is a signature consisting of electronic information attached, associated, or related to other electronic information used as a verification and authentication tool.

Paragraph (4)
What is meant by "electronic certification provider" is a party that has received recognition from the ministry that handles government affairs in the field of communication and digital. Meanwhile, the use of electronic signatures issued by foreign electronic certification providers must first meet mechanisms in accordance with applicable legislation.

Article 12
Paragraph (1)
Clearly sufficient.

Paragraph (2)
Clearly sufficient.

Paragraph (3)
Written information, including, among others, the provision of photocopies of written evidence, photocopies of letters, and printouts of electronic data, which have been declared/given the mark "consistent with the original" (certified) by authorized officials at the Bank. The provision of written information must be done in such a way as not to disturb or eliminate documents that according to applicable legislation should still be administered by the relevant Bank.

Paragraph (4)
Clearly sufficient.

Article 13
Paragraph (1)
What is meant by "related institutions" are institutions that do not have the authority to open Bank Secrecy and the basis for the request to open Bank Secrecy is not related to the exceptions to Bank Secrecy in this Financial Services Authority Regulation.

Paragraph (2)
Clearly sufficient.

Paragraph (3)
Letter a
Electronic signatures in information requests must be certified by electronic certification providers.

Letter b
The basis for information requests must be based on public interest.
What is meant by "public interest" is prioritizing general welfare and benefit in an aspirational, accommodative, selective, and non-discriminatory manner in accordance with Laws regarding government administration.

Letter c
The basis for information requests is conducted to support the implementation of government tasks at the central level, including, among others, defense, population administration, religion, and social security.

Letter d
Information requests are assessed as not harming the community, where it must balance the rights of Customers on one side and the rights of the state based on public interest on the other.

Letter e
Clearly sufficient.

Paragraph (4)
Clearly sufficient.

Paragraph (5)
Clearly sufficient.

Article 14
Paragraph (1)
Clearly sufficient.

Paragraph (2)
Clearly sufficient.

Paragraph (3)
Letter a
See Explanation of Article 11 paragraph (3).

Letter b
Clearly sufficient.

Letter c
Clearly sufficient.

Paragraph (4)
Clearly sufficient.

Article 15
Clearly sufficient.

Article 16
Paragraph (1)
Clearly sufficient.

Paragraph (2)
Clearly sufficient.

Paragraph (3)
Letter a
See Explanation of Article 11 paragraph (3).

Letter b
Clearly sufficient.

Letter c
Clearly sufficient.

Paragraph (4)
Clearly sufficient.

Article 17
Clearly sufficient.

Article 18
Clearly sufficient.

Article 19
Clearly sufficient.

Article 20
Clearly sufficient.

Article 21
Paragraph (1)
Clearly sufficient.

Paragraph (2)
Applicable legislation, including, among others, Laws regarding limited liability companies.

Paragraph (3)
Clearly sufficient.

Paragraph (4)
Clearly sufficient.

Article 22
Paragraph (1)

It is clear enough.

Paragraph (2)
Supporting documents, including:

1. a death certificate of the Depositor and/or Investor Customer;
2. the identity card of the Depositor and/or Investor Customer who has passed away and the identity card of the heir;
3. an heir letter issued by the competent authority;
4. a birth certificate or family card showing the relationship between the heir and the Depositor and/or Investor Customer who has passed away;
5. a will showing that the heir is entitled to the Depositor and/or Investor's Savings and/or Investment (if any);
   and
6. other supporting documents that are generally applicable or in accordance with the Bank's internal policies or guidelines.

Paragraph (3)
It is clear enough.

Article 23

Paragraph (1)
Information exchange between Banks is carried out by paying attention to good governance and provisions of legislation.

Paragraph (2)
Letter a
Risk management implementation, including, among others, the process of assessing the integrity of prospective employees or Bank officials who are in the selection stage for strategic positions.

Letter b
In the context of preventing or handling the occurrence of a criminal act at the Bank, information may be exchanged with Banks that have previously handled similar criminal acts.

Letter c
In cases related to banking synergy, it is carried out in accordance with the Financial Services Authority Regulation regarding commercial banks, the Financial Services Authority Regulation regarding Sharia commercial banks, and the Financial Services Authority Regulation regarding people's economy banks and Sharia people's economy banks.

Letter d
The term "merger, acquisition, consolidation" refers to the Financial Services Authority Regulation regarding merger, consolidation, acquisition, integration, and conversion of commercial banks and the Financial Services Authority Regulation regarding people's economy banks and Sharia people's economy banks. The term "integration" refers to the Financial Services Authority Regulation regarding merger, consolidation, acquisition, integration, and conversion of commercial banks. The term "separation" refers to the Financial Services Authority Regulation regarding Sharia business units.

Letter e
The term "financial conglomerate" refers to the Financial Services Authority Regulation regarding financial conglomerates and holding companies of financial conglomerates.

Letter f
It is clear enough.

Paragraph (3)
It is clear enough.

Paragraph (4)
Provisions of legislation, including, among others, the Financial Services Authority Regulation regarding the provision of information technology by commercial banks and the Financial Services Authority Regulation regarding consumer and public protection in the financial services sector.

Paragraph (5)
It is clear enough.

Paragraph (6)
It is clear enough.

Article 24
It is clear enough.

Article 25
It is clear enough.

Article 26
It is clear enough.

Article 27
It is clear enough.

Article 28
It is clear enough.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 125/OJK