Sources of Funding Are Not Controlled
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Victims of online loans hold up posters accusing the Financial Services Authority (OJK) of “being asleep” during a rally on Saturday (23/3/2019) at the Jakarta Police Headquarters.
JAKARTA, KOMPAS — The government has not yet issued a specific regulation to oversee the sources of funding for the country’s rapidly growth peer-to-peer (P2P) lending platforms, which can be potentially used for money laundering practices.
Until now, there are no regulations that can be used to supervise online lending platforms. The Financial Services Authority (OJK) has cooperated with the Financial Transaction Reports and Analysis Center (PPATK) since 2013 to investigate alleged money laundering practices in digital businesses, including financial technology (fintech) companies.