FINANCIAL AUTHORITY LAUNCHES BANKING REGULATION DIGITAL LIBRARY

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The Financial Services Authority (OJK) launched on Monday its new website that compiles hundreds of scattered banking regulations.

The website, called the Online Banking Regulation Information System (SIKePO), functions as a digital library that provides information about banking regulations that is accessible not only to the industry but also the public, OJK commissioner for banking supervision Nelson Tampubolon said in his remarks during the launch in Jakarta.

There are 96 regulations and 85 derivative regulations on conventional banking industry that are being implemented.

With their number and complexity, stakeholders probably do not have comprehensive understanding of a particular regulation so it is important to have codification of the regulations based on their topics and track records,” Nelson said.

The system will provide users with the regulations’ track records, which shows whether they have been replaced, revoked or are still implemented.

The regulations are classified as follows: institutional, business activity, banking services and support, principle of prudence, accounting standards and reports, banking supervision, consumer protection and others (supporting institutions and infrastructure and payment system).

The system’s soft launch had been carried out on Dec. 30 last year after preparations started in 2015.

“Going forward, the OJK will continue to develop the system, especially to complete the conventional banking database then followed by sharia and BPR [regional development bank] regulations,” OJK banking research and regulation department head Trisnawati Gani said.

At present, SIKePO only presents regulations on conventional banking. (bbn)

Source : https://www-thejakartapost-com.cdn.ampproject.org/c/www.thejakartapost.com/amp/news/2017/02/27/financial-authority-launches-banking-regulation-digital-library.html

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