Today I received an e-mail from Citibank Indonesia explaining about the sanctions that the Indonesian banking regulator i.e. Bank Indonesia, has imposed on said bank for violations of internal bank regulations and risk management as well as weaknesses in its internal control and operating procedures.
In connection with the two ongoing scandals, one surrounding suspicions of embezzlement by its former Senior Manager and the other involving the death of a credit card customer, Citibank promised that it will it do its best to follow all the laws and regulations in Indonesia, like it has done for so many years.
Earlier I read on The Jakarta Globe that the sanctions were a two-year freeze on new credit card customers for Citibank Indonesia, a ban on acquiring new priority banking customers for one year and a one-year moratorium on opening new branch offices.
I hope that the above sanctions would not stop the Investigations that are now being carried out by the Police on the possibility of Money Laundering and the Murder cases by officials of Citibank Indonesia.