February 2025
Following the enactment of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“P2SK Law”), the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) has introduced a new regulation on bank secrecy – OJK Regulation No. 44 of 2024 on Bank Secrecy (“POJK 44”). POJK 44 updates the previous regulation issued by Bank Indonesia, i.e., Regulation No. 2/19/PBI/2000 (“PBI 2”). POJK 44 builds on the P2SK Law provisions by, among other things, clarifying the applicability of the bank secrecy rules, expanding the exceptions to bank secrecy requirements, adding technical measures for financial institutions to disclose bank secrets to the appropriate authorities, and imposing additional administrative sanctions on incompliance.