OJK Reviews New Rules for Dormant Account Supervision

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) will issue new regulations regarding supervision of dormant accounts following the rampant misuse of passive accounts in online gambling (judi online – “Judol”). OJK Chief Executive of Banking Supervision Dian Ediana Rae said the new regulations will depend heavily on the results of the evaluation of the effectiveness of the implementation of Regulation of the Financial Services Authority No. 8/POJK.03/2023 of 2023 (“POJK 8/2023”).

“This is what we will see later, what regulation is the most ideal. But we continue to ensure that there are no loopholes, which parts we should try to capture so that they can be improved in banking supervision and compliance in the future,” Dian told Hukumonline.

This is necessary along with the increasing illegal activities targeting the financial sector, especially the use and creation of dormant accounts. So far, OJK has asked banks to block approximately 17 thousand accounts suspected of being related to online gambling activities, based on data submitted by the Ministry of Communication and Digital Affairs  (Kementerian Komunikasi dan Digital – “Komdigi”).

“If indeed deficiencies are found in practice, new regulations such as SEOJK can minimize risks and be responsive to dynamics in the banking sector,” he explained.