Indonesian banks have been making significant progress in improving their AML processes and infrastructure in the last few years. With the help of government support, such as the issuance of law No.9/2013 on Terrorism Funding Crime Eradication and Prevention and Law No.8/2010 on Money-Laundering Crimes Eradication and Prevention, banks were forced to improve their KYC processes and take AML seriously. This has resulted in FATF removing Indonesia from their blacklist of states that are strategically weak in AML and terrorism funding in 2015.
But Indonesian banks still have a long way to go before they truly understand their customers and establishing world-class KYC processes. The Dragon Banker’s survey of Indonesian heads of AML and senior mangers have said that Indonesian banks are still vulnerable to money-laundering and financial crimes, and that banks still are not educating their staff enough to truly combat money laundering. Furthermore Indonesian banks also lack key processes and systems to gather and analyze key data to make strategic decisions and predict crimes before hey happen.
This report is the most authoritative source on how Indonesian banks are combating money laundering. The report is based off a survey with 15 bankers across anti-money laundering including heads of AML, heads of compliance, and senior directors and managers involved in AML in eight different banks in the country, including state-owned banks and international ones.
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Reasons To Invest in This Report
The Dragon Bankers has extensive networks with Indonesian banks is due to its trainings in the region, publications, research throughout the country. This report will aid your team to accomplish the following:
Who Should Invest In This Report?
This report Is Designed for the following decision makers: