After those twin nightmares which plaguing Citibank Indonesia,  a set of punishments have been forced by Indonesia Central Bank (Bank Indonesia).  For a start, Bank Indonesia has been barred Citibank Indonesia from acquiring new customers for it’s credit card for two years and for it’s Citigold priority banking for one year.  Bank Indonesia also would not permit Citibank to open new branches within the country for 12 months.  These punishments are effective immediately.

Deputy Governor of Bank Indonesia, Budi Rochadi, also said that Citibank Country Manager and several member of it’s Senior Management staff will have to go through series of fit and proper tests held by Bank Indonesia to find out if any violation to standard banking rules and procedures and risk management has been took place.

Mr Rochadi said the sanctions could be more severe, depended on the results of police and Financial Transaction Reports Analysis Center (PPATK) investigations.

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