Regulatory Alerts2024-12-27
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OJK Regulation No. 44 of 2024 on Bank Secrecy
The Financial Services Authority mandates that banks and affiliated parties maintain the confidentiality of depositor and investor information, while defining specific exceptions for judicial, tax, and regulatory purposes. The regulation establishes detailed procedures for the Financial Services Authority to authorize the disclosure of bank secrecy for criminal justice, mutual legal assistance, and state debt settlement, including strict timelines for decision-making. It further outlines coordination mechanisms for other government agencies and international treaty partners to access bank information. Administrative sanctions, including written reprimands, governance rating downgrades, and fines ranging from 10 million to 15 billion rupiah, are imposed for violations of these confidentiality and disclosure obligations.
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