New OJK Draft Circular on Reporting Obligations: BUS, UUS and KPBLN Required to Report Responsible Officer Appointments

The Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) is currently working on a new Draft Circular (“ Draft Circular ”) on Reporting by Sharia Commercial Banks (Bank Umum Syariah- “ BUS ”) and Sharia Business Units (Unit Usaha Syariah– “ UUS ”) Through the OJK Reporting System. When the Draft Circular ultimately comes into force, this new framework will repeal and replace Regulation of the OJK No. 27/SEOJK.03/2020 (“ Regulation 27/2020 ”), which bears the same title as the Draft Circular. [1]