JAKARTA: Bank Indonesia sets three requirements for bank that must be fulfilled to avoid extension of suspension in priority service expansion.According to Bank Indonesias Head of PR Bureau Difi A. Johansyah, bank must improve system and procedure of priority service. There must be a specific system and procedure for priority service, he said in Jakarta, yesterday.Second, the officer who handles priority service must be equipped with a certificate of Mutual Funds Representative Sales Agent (WAPERD) from Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) and there should be a leave policy for such officer.Next, bank must conduct internal supervision against priority service.The central bank will conduct meeting today with directors of 23 banks that have priority service and it will announce name of banks that are revoked from suspension and those that still suspended to make improvement.The revocation of priority service suspension depends on bank readiness, he added.Such requirements must be carried out with written statement from the director of compliance and risk management unit.Besides evaluating and checking bank readiness, BI will request a written statement from director of compliance and bank risk management unit, which stated that the bank is ready to run priority service in accordance with the central bank requirements, he said.Previously, Bank Indonesia prohibited 23 banks to add new customers for priority service following the indication of improper practices associated with the embezzlement of IDR17 billion funds belongs to Citibank customer by Malinda Dee.In addition, PT Bank Rakyat Indonesia Tbk (BRI) is optimistic to qualify for BIs wealth management program evaluation.BRI comply with regulation since the first time it opens priority service and optimistic the suspension against the company will be revoked today, BRIs President Director Sofyan Basir said.We are complying with regulation from the beginning since BRI is a new player in wealth management, he added. (t06)

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