Jakarta. The Financial Services Authority (OJK) has launched an investigation into the suspected breach of a Bank Central Asia (BCA) client account that resulted in the loss of around Rp 70 billion ($4.2 million), the regulator said on Wednesday.

The incident came to light after Panca Global Sekuritas, a subsidiary of Panca Global Kapital, reported a series of rapid withdrawals from its BCA account on September 9, including transfers to unregistered accounts.

BCA responded by stressing that its systems remain secure and that no customer funds have been lost, while pledging full support for the ongoing investigation by financial authorities.

Inarno Djajadi, OJK’s Chief Executive for Capital Market and Derivatives Supervision, said the regulator is working with the Indonesia Stock Exchange (IDX), the Indonesian Clearing and Guarantee Corporation (KPEI), and the Indonesian Central Securities Depository (KSEI) to mitigate risks and protect investors.

“In order to protect investors and safeguard the integrity of the capital market, OJK and other regulators have implemented and will continue to pursue necessary mitigation measures,” Inarno said in a statement.

He noted that measures already introduced include allowing market regulators to restrict or suspend customer fund account transactions on non-working days. In addition, fund transfers and withdrawals will only be permitted to accounts under the same customer’s name or to pre-registered accounts on a whitelist system.

The new rules apply not only to BCA but also to all banks managing investor fund accounts.

“OJK will continue to monitor developments and, if necessary, prepare additional measures to ensure investor security and confidence,” Inarno added.