Bank Indonesia has launched a massive audit over 22 banks in the country following the discovery of illegal practices by one of Citibank Indonesia's relationship managers in early April, VIVAnews reports.

The audit, aimed at evaluating the implementation of wealth management services, is being conducted on 21 commercial banks and one shariah bank.

In an interview with BI public relations bureau chief Difi A Johansyah, the publication wrote that the central bank is working to ease the existing overlap on private banking and wealth management services, hopefully, through improved regulations that target better internal monitoring toward banks.

The need for the closer monitoring of the banking sector all the more heightens just weeks after the Citibank fraud case, this time with Bank Mega's Jababeka branch, which upon audit revealed Rp111 billion ($12.87 million) in "missing funds" under oil and gas company Elnusa's account. In an article by the Jakarta Post, Johansyah said the some of the bank's executives have been suspected of embezzlement and have already been taken into custody.

The audit continues.