Wednesday, November 30, 2016

Strong action by Indonesia Central Bank

This incident happened a few years ago in Jakarta. A private banker working for a foreign bank forged the signature of the client and withdraw his money without his consent. She was doing it for a few years. Finally, she was caught.

The Indonesia Central Bank suspended the licence of the foreign bank on wealth management for two years. The bank was not allowed to take any new private banking clients during the period of suspension.

My friend told this incident to me. My remark "The central bank is fierce". I wonder if the MAS in Singapore would take similar action against a bank if the private banker forged the signature of the client over an extended period and the forgery was not detected by the bank?

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