Indonesia Blocks 17K Bank Accounts Over Illegal Gambling

The Asian country has moved in force against the illegal gambling market, going after bank accounts Image Source: Shutterstock.com

The Financial Services Authority(OJK) has gone after bank accounts that it suspects are tied to illegal online gambling. Indonesia is one of the most heavily regulated countries when it comes to gambling, with nearly all activities outlawed and most politicians showing a clear hard stance on the activity.

Bank Accounts Blocked Over Illegal Gambling

The latest enforcement move has seen 17,026 bank accounts suspended, with the agency instructing banks to comply and help restrict the reach of unregulated gambling entities.

OJK’s Chief Executive ofBanking Supervision, Dian Ediana Rae, has welcomed compliance with the ordinance and hailed the banks’ cooperation in helping the regulator crack down on unregulated gambling in the country.

The OJK is within its rights to go after accounts that it suspects of illegal gambling, and it reminded that banks themselves are tasked with keeping tabs on potential offenders. In a statement issued on Tuesday, the watchdog said:

“Banks are expected to monitor even regular accounts to prevent misuse for financial crimes and enhance oversight on the illegal sale and purchase of bank accounts.”

Similarly, banks are also supposed to report any suspicious transaction to the Financial Transaction Reports and Analysis Center, which further analyzes whether it is tied to illegal transactions of any sort.

Indonesia Mounts Comprehensive Action Against Illegal Gambling

The OJK has also reminded banks to enforce fund flow analysis and cyber patrols to track problematic accounts. Indonesia has been in the news a lot recently, with the country doubling down on its fight against the illegal sector and recently arresting one person tied to such operations.

Indonesia is not tone-deaf to the fact that many people already suffer from gambling-related harm. One notable initiative has been spearheaded by the Youth and Sports Ministry, which has sought to introduce rehabilitation options for teenagers who may have developed an issue with problem gambling.