Bank Indonesia Sets Sanctions Upon Citibank
VIVAnews - Bank Indonesia imposes santions upon Citibank over banking fraud case and death of one of its customers.
The central bank bans the bank from taking in Citigold customers (top-level customers) within a year. The bank is not allowed to issue credit cards for two consecutive years as well as collecting bills by third-party collectors for two years.
The sanctions against Citibank were a result of the Indonesian central bank's investigation over the largest foreign bank in the country.
BI Deputy Governor, Budi Rochadi, said BI's investigators found some violations in Citibank's credit card system.
Bank Indonesia carried out fit and proper test over Citibank's officials as well as sacking another. Citibank is also urged to send the involved officials away.
Citibank is not suggested to open new branches in no time. The central bank recommends New York-based Citibank to audit its branches in Indonesia.
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Category Article Citibank, Indonesia, Sanctions
