With the advancement of technology also follows new ways to commit crime in bank accounts, such as money laundering. That is why we need a system to prevent banks from being used as a tool or targeted for money laundering, either directly or indirectly.
The US Government has made a law to prevent the funding of terrorist organizations, known as the USA Patriot ACT (Uniting and Strengthening America Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act 2001).
All US financial and banking institutions are obliged to comply with the USA Patriot Act to prevent the use their accounts – either their own accounts or corresponding to foreign banks to be used to fund terrorist organizations and money laundering.
To comply with the requirementswith the US Patriot ACT, all US financial and banking institutions require all foreign banks who own accounts with them to complete a standard certification form. The form will be sent to all foreign banks who owns corresponding accounts for the following:
To fulfil the requirements according to the USA Patriot Act, PT. Bank OCBC NISP, Tbk have completed the certification on foreign corresponding accounts. The certification covers all accounts opened at PT. Bank OCBC NISP, Tbk by “Covered Financial Institutions”.
