Indonesian Audit Watch (IAW) has spotlighted the case of hundreds of\nbillions of rupiah vanishing from dormant accounts at one of the\nstate-owned banks. IAW states that this matter warrants serious\nattention for the national financial system.<\/p>\n
IAW also assesses this event as not merely internal wrongdoing, but a\nsystemic failure involving multiple state institutions.<\/p>\n
IAW Secretary Iskandar Sitorus mentioned that four main institutions\nmust share responsibility. \u201cIt is not one institution that failed. This\nis a collective failure,\u201d Iskandar said in Jakarta, quoted on Wednesday,\n29 April 2026.<\/p>\n
The four institutions are the Financial Services Authority (OJK),\nBank Indonesia (BI), the Financial Transaction Reports and Analysis\nCentre (PPATK), and the Police.<\/p>\n
He explained that the case of the missing funds contains shocking\nfacts. Hundreds of billions of rupiah were transferred in just 17\nminutes through 42 transactions to five different accounts.<\/p>\n
\u201cWhat failed is not that the thieves are clever, but the supervisory\nsystem that was asleep,\u201d Iskandar stated.<\/p>\n
IAW assesses that the OJK, as the banking regulator, failed to carry\nout its primary mandate of early detection. Moreover, with full\nauthority from supervision, examination to investigation, such a large\nanomaly should have been prevented from the start.<\/p>\n
\u201cWith such great power, why was there no alarm? This is what OJK must\nanswer,\u201d he concluded.<\/p>\n
IAW also spotlighted BI as the manager of the national payment\nsystem. Large transactions with high frequency are assessed to be able\nto trigger a risk-based supervisory system.<\/p>\n
\u201cIf Rp204 billion can pass through in 17 minutes without an alarm,\nthis is not just a gap, it is a systemic threat,\u201d Iskandar\nemphasised.<\/p>\n
On the other hand, according to him, PPATK had previously warned of\nthe potential misuse of dormant accounts. However, the mass blocking\nmeasures taken instead drew public criticism.<\/p>\n
\u201cPPATK ultimately became the firefighter. They arrived after the fire\ngrew large,\u201d he said.<\/p>\n
As for the Police, they are assessed to have moved quickly in\nenforcement, but only at the final stage. \u201cThe police are always present\nafter the incident. This is a recurring pattern that shows the\nprevention system is not working,\u201d he said.<\/p>\n
IAW assesses that in a healthy system, all four institutions should\nwork in an integrated manner.<\/p>\n
Suspicious transactions should be detected, blocked, and prevented\nbefore the funds are transferred. However, the facts on the ground show\nlayered failures.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/dormant-accounts-called-a-ticking-time-bomb-for-the-financial-system-1777474351", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }