• Sunday, Sep 25, 2022
  • Last Update : 09:54 am

Philippine central bank fines Rizal Bank

  • Published at 07:56 pm August 5th, 2016
  • Last updated at 04:14 pm August 6th, 2016
Philippine central bank fines Rizal Bank

The central bank said in a statement that it was the largest amount it has ever approved “as part of its supervisory enforcement actions” on a bank.

RCBC said separately that it would pay the fine over a one-year period, in two tranches of 500 million pesos each.

Unknown hackers tried to steal nearly $1 billion from the Bangladesh central bank’s account at the Federal Reserve Bank of New York between February 4 and February 5, and succeeded in transferring $81 million to four accounts at RCBC in Manila.

Sh-Jama

RCBC earlier yesterday challenged Bangladesh Bank to take it to court, telling Reuters that the “Philippine side has done its part” and that the transfers were made based on authenticated instructions over payments network SWIFT.

After the fine was announced, RCBC President and Chief Executive Officer Gil Buenaventura said in a statement: “With this payment, RCBC affirms its continued viability and determination to fulfill its firm commitment against money laundering, terrorism and other transnational crimes to ensure the stability of the banking system.”

Bangladeshi officials say the money was able to disappear into the casino industry because of systemic failures at RCBC, not just individual errors by some of its officers. A Bangladesh central bank team is currently in Manila to try and recover some of the lost money, but said they were close to getting back only $15 million. ($1 = 46.8900 Philippine pesos)
50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail