OJK Introduces Regulation to Prevent Anti-Fraud

Jakarta, VIVA – The Financial Services Authority (OJK) has issued Regulation Number 12 of 2024 concerning the Implementation of an Anti-Fraud Strategy for Financial Service Institutions (POJK SAF LJK).

This regulation aims to guide Financial Service Institutions in controlling fraud or corruption.

The Head of the OJK's Literacy, Financial Inclusion, and Communication Department, Aman Santosa, stated that issuance of this regulation to strengthen the implementation of governance principles and risk management in financial service institutions.

The issuance of this POJK is one of OJK's initiatives to support the development and strengthening of Financial Service Institutions, as well as to follow up on recommendations from the Corruption Eradication Commission.

"Also, a Supreme Court Regulation No. 13 of 2016 concerning Procedures for Handling Corporate Crimes," Santosa said in a statement on Tuesday (Aug 13).

The POJK SAF LJK covers various aspects, including definitions of actions that constitute fraud, the scope of involved parties including financial service institutions and controlled organizations, consumers, and other parties cooperating with financial service institutions (including the private sector).

It also includes the obligation to prepare and submit SAF policies, as well as reporting fraud incidents, both routine and incidental, with fines for delayed reporting adjusted according to the complexity of the financial service institution's business activities.

Furthermore, it mandates the implementation of a fraud detection system accompanied by enhanced understanding among internal and external parties involved, supported by adequate risk management.

Moreover, the guidelines for implementing the Anti-Fraud Strategy in this regulation are designed to direct financial service institutions in controlling fraud through efforts.

Not only for prevention but also at detection, investigation, and system improvement as part of an integral strategy in fraud control.

"The issuance of POJK SAF LJK is expected to encourage the comprehensive implementation of anti-fraud measures for financial service institutions under OJK's supervision, thereby creating a powerful and healthy financial ecosystem," he concluded.