Policy

Jakarta, 6 November 2024. Indonesia Financial Services Authority (OJK) has issued OJK Regulation (POJK) Number 14/2024 concerning the Task Force for Handling Unlicensed Business Activities in the Financial Sector to further protect public interests.

OJK Regulation (POJK) Number 14/2024 was issued as a follow-up to the mandate of Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law), this POJK is expected to enhance consumer and public protection, making the financial ecosystem safer and more trustworthy. It also aims to protect licensed and legal financial sector businesses, allowing them to grow, thrive, and develop for the advancement of Indonesia.

This POJK establishing the task force to handle unlicensed business activities in the financial sector is also intended to improve coordination among authorities, ministries, and/or relevant institutions in the prevention and handling of such activities.

“We appreciate the various inputs in the formulation of this POJK, especially from authorities, ministries, and institutions that are members of the PASTI Task Force. This synergy and continuous collaboration have allowed this POJK to be enacted before the deadline stipulated in the P2SK Law,” said the Chief Executive of Financial Institutions Market Conduct Supervision, Consumer Education and Protection (PEPK) of OJK, Friderica Widyasari Dewi.

The key provisions of OJK Regulation Number 14/2024, among others:

• General Provisions, which include definitions of Unlicensed Business Activities in the Financial Sector, Entities, Illegal Entities, and the Task Force for Handling Unlicensed Business Activities in the Financial Sector;
• Functions, Duties, and Authorities, which regulate the functions, duties, and authority of the Task Force to organize and implement the prevention and handling of Unlicensed Business Activities in the Financial Sector;
• Institutional Structure of the Task Force, which outlines the formation, membership, and organizational structure, including regional task forces and the implementation of tasks related to the prevention and handling of Unlicensed Business Activities in the Financial Sector by Task Force members by their respective authorities as regulated by prevailing laws and regulations;
• Institutional Relationships, which covers regulations on Task Force meetings, data and/or information exchange between Task Force members, and cooperation with other parties;
• Implementation of Prevention and Handling of Unlicensed Business Activities in the Financial Sector; and
• Reporting, Monitoring, and Funding.

The provisions in POJK Number 14/2024 emphasize the legal basis for strengthening coordination and collaboration among Task Force members in preventing and handling unlicensed business activities in the financial sector, with due regard for the specific powers of each member as set out in the relevant laws and regulations.

As of the enactment of this POJK, Task Force for Handling Unlicensed Business Activities consists of 16 members, including two authorities, 10 ministries, and four institutions.

“I am confident that with the introduction of this POJK, the role of the PASTI Task Force will be further optimized in combating illegal financial activities. The key is the synergy and collaboration among Task Force members,” said Friderica.

Click here to download the OJK Regulation Number 14/2024