Featured Product

    OJK Guidelines Address Cyber Risk, Benchmark Reforms, and AML Program

    October 17, 2022

    The Financial Services Authority of Indonesia (OJK) announced consultation on cyber-security guidelines for commercial banks, along with the guidelines on use of IndONIA (part of the benchmark reforms), and guidelines for implementation of anti-money laundering and counter-terrorist financing (AML/CFT) programs for crowdfunding service providers.

    Below are the key highlights of these publications:

    • The proposed guidelines on cybersecurity of commercial banks cover general provisions, risk assessment, implementation of risk management and cyber-resilience process, cybersecurity maturity level assessment, cybersecurity risk levels and testing, units/functions handling cybersecurity, and cyber incident reporting. The consultation ends on October 31, 2022.
    • The guidelines for using IndONIA, which the National Working Group on Benchmark Reform have issued, address use of IndONIA  as a reference for IDR (Indonesian Rupiah) interest rates in financial products. The publication addresses the rationale behind the choice of recommended reference for IDR interest rates based on IndONIA and presents examples of their use in various financial products. The guideline will enable the working group in initiating, preparing, and overseeing the process of reforming IDR interest rate reference so that the transition to interest rate reference reform in global financial markets can run smoothly. In line with the reform of interest rate reference in global financial markets, the working group recommends an alternative non-overnight IDR reference rate (ARR), which is formed based on IndONIA and calculated according to the international best practice, including the International Organization of Securities Commissions (IOSCO) Principles. The Bank Indonesia is expected to publish the Compounded IndONIA and IndONIA Index, in early of 2023, to assist all economic actors and relevant stakeholders in using the IDR ARR recommendations and preparing for the transition from JIBOR to IndONIA.
    • The AML/CFT guidelines for crowdfunding service providers set out implementation instructions, covering general provisions related to the definition, description, and topology of money laundering and terrorism financing as well as the scope of application in terms of active supervision, policies and procedures, internal control, management information system, and human resources and training for successful implementation of AML/CFT programs.


    Related Links (in Indonesian)


    Keywords: Asia Pacific, Indonesia, Banking, Regtech, AML CFT, Crowdfunding Service Providers, Benchmark Reforms, IndONIA, Interest Rate Bechmarks, Alternative Reference Rates, Cyber Risk, Cyber Incident Reporting, Cyber Testing, OJK

    Featured Experts
    Related Articles

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938