Indonesia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision

August 13, 2024

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Format: Chicago

Indonesia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision, (USA: International Monetary Fund, 2024) accessed September 14, 2024

Summary

The Financial Services Authority (OJK) has made substantial progress in updating its regulatory and supervisory frameworks since the last Financial Stability Assessment Program (FSAP) in 2017. The OJK has strengthened its regulatory framework, implementing the Basel III post-crisis reforms. The recently enacted Financial Sector Omnibus Law (FSOL) enhances the OJK’s institutional set-up, powers, banking regulation and supervisory frameworks and clarifies the Financial System Stability Committee’s (KSSK’s) mandate for systemic risk monitoring and coordination. The OJK has developed supervision capabilities and deployed innovative Supervisory Technologies (SupTech) to achieve greater efficiency in banking supervision. New regulations on corporate governance have elevated the importance of good governance within the banking industry. While progress has been made, the OJK must continue intensifying its efforts, considering emerging challenges in the global economic and financial environment and new risks from digitalization, cyber and climate change.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank supervision, Credit risk, Crime, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, Market risk

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank Indonesia rupiah securities, Bank rating, Bank supervision, Banking segment, Credit risk, Financial sector stability, Global, IMF-World Bank Financial Sector Assessment Program, Market risk, Staff team of the International Monetary Fund

Publication Details

Pages:

238
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2024/273
Stock No:

1IDNEA2024004
ISBN:

9798400286216
ISSN:

1934-7685

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