OJK Tightens Crypto Monitoring To Metaverse To Prevent Money Laundering

Illustration (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) together with the government have agreed to continue to intensify the Anti-Money Laundering and Prevention of Terrorism Financing (APU/PPT) programs, including those that utilize the latest technology.

Chairman of the OJK Board of Commissioners, Wimboh Santoso, said that technological developments in the financial services industry must be followed by adequate AML/CFT supervision. The reason is that mitigation measures are useful for detecting the potential for such crimes from the start, such as through cryptocurrencies, robot-trading, to the development of the metaverse.

"OJK welcomes innovative skills, methods and processes that can be used to realize innovative ways of using technology in implementing the APU/PPT program," he said in an official statement, Wednesday, February 23.

According to Wimboh, the advantages of digital technology such as big data and artificial intelligence are more efficient and can cover various aspects that cannot be identified based on the format of manual reports.

"Technology must also be used to improve the ability to monitor more detailed transactions," he said.

On the same occasion, Coordinating Minister for Political, Legal and Security Affairs Mohammad Mahfud MD supported the use of technology to identify and assess the risks of ML/TPPT that arise.

"This development of information technology must be addressed by financial service actors wisely and must be in line with anti-money laundering commitments," he said.

For information, OJK and the government continue to develop the application of digital solutions in running a more optimal and maintained financial service system.

It was revealed that this solution could be achieved through the use of Digital ID and biometric identification which have been proven to offer a stronger identification and verification process, especially during the pandemic.