PASTI Task Force Halts Activities of KOLs Offering Illegal Financial Assets
The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has halted the activities of several key opinion leaders (KOLs) in Indonesia who were offering illegal digital asset trading platforms or unlicensed digital financial asset traders (PAKD).
Head of the Satgas PASTI Secretariat, Hudiyanto, stated in Jakarta on Thursday that his agency had summoned a number of KOLs to request explanations and clarification regarding alleged links to unlicensed PAKD. As a follow-up, several of these KOLs have taken down and adjusted content containing offers for unlicensed PAKD.
In addition, Satgas PASTI has also blocked access to social media content and/or links (URLs) containing offers for unlicensed PAKD. “In line with this, the PASTI Task Force will continue to enhance coordination among members and relevant agencies to stop unlicensed PAKD activities,” Hudiyanto said.
Regarding the dissemination of information in the financial services sector, Satgas PASTI emphasised that KOLs must not publish or promote unlicensed PAKD. The Financial Services Authority (OJK) has established a list of PAKD as the primary reference. If a party is not listed, it is certainly not licensed and/or supervised by the OJK, potentially causing losses to the public.
Satgas PASTI also urged KOLs to conduct adequate analysis and research before disseminating information, and to ensure the legality of the parties, platforms, and products being promoted, including ensuring that PAKD are licensed and their products are permitted for trading in Indonesia.
KOLs are expected to convey information clearly, truthfully, and not misleadingly, including fully informing about risks and potential returns. They are also expected not to use misleading claims, such as promises of high returns, risk-free investments, or fictitious testimonials. Furthermore, they should apply the principle of transparency in their content, including if there is an economic interest. When providing recommendations, they must ensure they hold the requisite licences. Lastly, they must comply with applicable laws and regulations.
“In order to enhance consumer protection, the OJK is currently preparing regulations regarding financial influencers, or finfluencers, which will be enacted soon,” Hudiyanto said. Satgas PASTI also reminded the public to always be wary of illegal PAKD offers and to only transact on legal platforms. The public is expected to always pay attention to the legal and logical aspects (2L), namely ensuring that business actors and financial service products are licensed/registered with the OJK and being cautious of investment offers or activities that promise high, guaranteed returns in a short time. If they find indications of illegal investment or online loan offers, the public can report them through the website sipasti.ojk.go.id or via OJK Contact 157, WhatsApp 081 157 157 157, and email konsumen@ojk.go.id. Meanwhile, victims of financial transaction fraud can report through the Indonesia Anti-Scam Centre (IASC) website at iasc.ojk.go.id to support the rapid blocking of perpetrators’ accounts.