The Philippine central bank on Friday imposed a 1 billion peso ($21 million) fine,
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The Rizal Commercial Banking Corp. said it would pay the fine in two installments. The Philippine central bank said the action affirms its “strong
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The central bank and RCBC did not disclose details of the investigation that led to the fine.
Despite the fine, the central bank cited RCBC’s “efforts in instituting changes to
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The stolen funds are thought to have been funneled online to four private accounts at an RCBC branch, converted into pesos and wired out through a remittance company to two casinos, which are not covered by anti-money laundering regulations, according to Filipino anti-money laundering officials.
Only a fraction of the $81 million has been recovered so far.
Bangladesh’s ambassador to Manila, John Gomes, welcomed the fine as a
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“Definitely we are happy but we will leave it to the Philippine courts, the judicial system to handle RCBC for now,” Gomes said in a news conference in Manila.Men’s Reebok Montreal Canadiens 32 Brian Flynn Authentic Home Red NHL Hockey Jersey Cheap.
He said Bangladesh is continuing its efforts to recover its money in the Philippines, and that its finance minister and other officials will travel to Manila next month to press that effort.
“Our quest remains the $81 million and we hold RCBC responsible,” Gomes said.
The cyberheist has highlighted a potential pitfall in global anti-money laundering efforts, which in the case of the Philippines have focused more in the past on
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