- VIVAnews/Nurcholis Anhari Lubis
VIVAnews - In the aftermath of the banking fraud case at Citibank which allegedly involved one of the bank's mid-ranking officials Inong Malinda a.k.a Malinda Dee, Bank Indonesia (BI) plans to conduct wealth management audit over 21 commercial banks and one sharia bank.
"BI is almost done with the wealth management audit. Hopefully, it will be over this week," Chief of BI Public Relations Bureau, Difi A. Johansyah, told VIVAnews on Thursday.
The audit is aimed at an evaluation toward the implementation of wealth management services.
The audit is designed to protect bank customers and to mitigate banking risks.
Difi said there is still overlap on private banking and wealth management services. BI thus needs to improve regulations so as to improve better internal monitoring toward banks.
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services. In general, wealth management is more than just investment advice, as it can encompass all parts of a person's financial life.
"Banks are only served as channeling agents between customers and mutual funds firm and bancassurance," said Difi.