Bandung (ANTARA) - The Financial Services Authority (OJK) is planning to revisit regulations regarding the management of bank accounts, particularly dormant accounts, to provide greater clarity on the rights of both banks and customers.

Speaking at a discussion in Bandung, West Java, on Saturday, a member of the OJK’s board of commissioners and chief executive for banking supervision, Dian Ediana Rae, said that the OJK has the legal authority to take measures to preserve the stability of the financial and banking systems.

“This includes our effort to revisit regulations related to bank accounts, including dormant accounts. This is aimed at ensuring that the rights of both banks and customers are clearly defined,” Rae added.

She noted that the OJK has also instructed banks to monitor dormant accounts to prevent them from being exploited for financial crimes, while highlighting the growing need for banks to improve their capacity to monitor the purchase and sale of bank accounts.

Dormant account regulations are generally governed by banks’ internal policies and refer to the principles of prudence and consumer protection, as mandated by Law No. 8 of 1999 on Consumer Protection and OJK Regulation No.1/POJK.07/2013 on Consumer Protection in the Financial Services.

Earlier this week, the Financial Transaction Reports and Analysis Center (PPATK) announced a temporary suspension of transactions in dormant accounts in an effort to prevent financial crimes, referring to its authority under Law No. 8 of 2010 on the Prevention and Eradication of Money Laundering.

Dormant accounts are savings accounts (both individual and corporate), current accounts, and rupiah/foreign currency accounts that have not been used for any transaction for a period ranging from three to twelve months.

Despite the temporary freeze, customers can reactivate dormant accounts by following the applicable procedures. The PPATK has assured that the public funds in the temporarily suspended dormant accounts remain secure and will not be lost.

The temporary suspension of dormant accounts was carried out by the PPATK based on an analysis, which found that numerous sales-related accounts were used for money laundering, including mass reactivations to receive criminal proceeds.

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Translator: Indra Arief Pribadi, Kuntum Khaira Riswan
Editor: Azis Kurmala
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