Ssssh! Breaching New Bank Secrecy Obligations May Lead to Rp. 15 Billion Fines

First introduced back in 2000, Bank Indonesia (“BI”) previously issued Regulation No. 2/19/PBI/2000 on Requirements and Procedures for Granting Orders or Issuing Written Permits Allowing Disclosures of Secret Bank Information (“Regulation 2/2000”). As its title suggests, Regulation 2/2000 required banks to ensure the confidentiality of all information relating to their depositors and their deposits and also addressed conditions that could ultimately permit disclosures of said confidential information.[1]