Banks Beware! Violating Confidentiality Obligations May Soon Lead to Rp. 50 billion in Fines

In 2000, Bank Indonesia (“ BI ”) introduced Regulation on Requirements and Procedures for the Issuance of Written Orders or Permission to Disclose Bank Secrets (“ Regulation 2/2000 ”). As this title suggests, at its core, Regulation 2/2000 requires banks to ensure the confidentiality of all information relating to depositors and their deposits, and also addresses conditions that may lead to the disclosure of said confidential information. [1]