INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Nesya Ashari, ABNR Counsellors at Law
more active in overseeing and monitoring this sector. It also receives reports from the public on investments and updates on a regular basis and will place these on a list of companies (including foreign companies) that allegedly offer “illegal” investments, and which do not hold any required local licences and/or are deemed to be potentially fraudulent – this list is available to the public. 12.3 Responsibility for Losses According to OJK Reg 27 and OJK Reg 40, fintech service providers such as P2P lending companies and crypto-asset traders shall be responsible for prepara - tion and implementation of the anti-fraud strategy in accordance with the fraud regulations in the financial services sector, such as OJK Reg 12 and OJK CL 46. Neither OJK Reg 12 nor OJK Circular Letter 46 specify the limitations on a fintech service provider’s liability for customer losses resulting from fraud. However, Article 22 of OJK Reg 12 provides that a financial service institution may be held liable for losses to customers or other parties arising from errors and/or negligence of the board of directors, board of com - missioners, employees, and/or third parties working for the interests of the financial service institution, pur - suant to the applicable laws and regulations.
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