OJK Releases Rules On Criminal Investigations In The Financial Services Sector

Head of the Literacy Department, Financial Inclusion and OJK Communications Aman Santosa. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) has issued Financial Services Authority Regulation (POJK) Number 16/2023 concerning Criminal Investigations in the Financial Services Sector (POJK Penyidikan), adjustments from POJK 22/POJK.01/2015 concerning Criminal Investigations in the Financial Services Sector.

This POJK Investigation adjustment is a follow-up to the mandate of Law (UU) Number 4/2023 concerning the Development and Strengthening of the Financial Sector (P2SK) which has given the authority to investigate and resolve violations in the financial services sector to OJK.

"Previously, in Law no. 21/2011 concerning OJK, it has also regulated the authority to investigate OJK in the financial services sector," said Head of the Department of Literacy, Financial Inclusion and Communications at OJK Aman Santosa in an official statement, in Jakarta, quoted from Antara, Friday, August 25.

In accordance with the P2SK Law, the arrangements that have changed at POJK 16/2023 are regarding the scope of criminal acts in the financial services sector, the category of OJK investigators, the authority of OJK investigators, including investigating money laundering crimes.

Then, also the settlement of violations of laws and regulations in the financial services sector, as well as the expansion of information and Financial Services Institutions (LJK) that can be requested for information and blocking accounts.

With this POJK, he said again, the scope of criminal acts in the Financial Services Sector as referred to in Article 2 includes banking, capital markets, derivative finance, and carbon exchanges, then insurance, guarantees, and pension funds.

Furthermore, it also includes financing institutions, venture capital companies, micro financial institutions, and other LJKs, technological innovations in the financial sector as well as digital financial assets and crypto assets, as well as the behavior of financial services business actors as well as the implementation of education, and consumer protection which includes conventional and sharia activities.

"In this POJK, it also regulates the category of OJK investigators sourced from investigating officials of the Indonesian National Police, certain civil servant officials, and certain employees who are given special authority as investigators as referred to in the Criminal Procedure Code to carry out investigations," said Aman Santosa.

Article 6, it is explained that OJK investigators have the authority to determine whether or not an investigation is carried out into alleged criminal acts in the financial services sector that were carried out before the investigation began. In carrying out the investigation, OJK is said to have coordinated with the Indonesian National Police.

At the investigation stage as referred to in Article 6 paragraph (2), parties suspected of committing criminal acts in the financial services sector can also apply to the OJK to resolve violations of laws and regulations in the financial services sector.

The settlement of violations was carried out by submitting an application to the OJK by containing the value of the losses incurred and the basis for the calculation, the number of victims who were harmed and other information related to victims, the form of settlement of losses and the term of completion, clauses if losses are not resolved by the OJK are authorized to proceed to the investigation stage, and efforts to improve business processes and governance.

"(As for) the follow-up to the results of the investigation, in Article 21, OJK investigators according to their authority conveyed the results of the investigation to the prosecutor to be prosecuted in accordance with the provisions of the legislation," he also said.