Entering the FinCEN list, this is the response of banks in Indonesia

ILLUSTRATION. Customers conduct financial transactions at a private bank in Jakarta, Wednesday (1/4). A number of banks were named in the Financial Crimes Enforcement Network (FinCEN) investigative report. / Pho KONTAN / Carolus Agus Waluyo / 01/04/2020.

Reporter: Fencing Septiadi | Editor: Tendi Mahadi

KONTAN.CO.ID – JAKARTA. A number of banks named in the Financial Crimes Enforcement Network (FinCEN) investigation report responded. They agreed that so far they have been implementing the principle of prudence in monitoring the traffic of transactions of their customers, while at the same time obeying legal provisions.

President Director of PT Bank Panin Tbk (PNBN) Herwidayatmo explained that his party is currently still waiting for the regulator’s direction regarding the circulation of the FinCEN report.

“This is just the news that is circulating, it has not been confirmed by the regulator. Currently, Bank Panin is waiting for further directions from the regulator, ”he told Kontan.co.id, Tuesday (22/9).

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So far, Herdiayatmo also stated that the company has taken a number of preventive measures, identification and reporting of suspicious customer transactions.

On the other hand, the company has also applied the principles know your customer (KYC) in monitoring candidates and customers when making transactions. The system is also monitored and audited by regulators.

The same thing was conveyed by the Director Compliance, Corporate Affairs and Legal PT Bank CIMB Niaga Tbk (BNGA) Fransiska Oei stated that if there was a suspicious transaction from a customer, the company would immediately report it to the Financial Transaction Reports and Analysis Center (PPATK).

“If the transaction is confirmed to positively meet the elements of suspicious transactions as regulated by applicable laws and regulations, the Bank will report LTKM to PPATK,” he said in a written reply to Kontan.co.id.

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Fransiskan added that the company’s system is already running automation. Before reporting to PPATK, the company will conduct an investigation, as well as collect evidence to ensure suspicious transactions have occurred.