Probe on Bangladesh bank heist winds down

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has completed its investigation on the banks and personalities involved in the $81-million bank heist as the Senate Blue Ribbon Committee wrapped up its own probe on the money laundering scandal.

BSP Deputy Governor Nestor Espenilla Jr. told the seventh and last hearing of the Senate Blue Ribbon Committee the bank regulator has completed its probe on the compliance of BSP supervised financial entities on the Anti Money Laundering Act (AMLA).

Espenilla pointed out the findings and recommendations would be submitted to the Monetary Board.

“We will submit that to the Monetary Board. There will be recommendations there on what can be done among other things to prevent this kind of situation and also to hold accountable if any people who may be responsible,” Espenilla said.

The BSP regulates and monitors the operations of banks as well as non-banks including foreign exchange dealers and money changers.

“We conducted an examination as well because this is an event that has affected a bank and the banking system so we have looked into the matter and on the basis of that we will prepare a report. It’s actually a report of examination,” he said.

Espenilla refused to give any details on the probe saying it would also be up to the Monetary Board if the results of the investigation as well as sanctions to the personalities involved would be made public.

“That’s also something that the Monetary Board has to determine because if you look at our law there is a prohibition in general against disclosing our actions against supervised institutions. While we recognize there is public interest in what has happened we need to balance that against broader stability of the industry,” Espenilla said.

According to him, the bank regulator could impose monetary as well as non-monetary sanctions against those who violated the money laundering law.

“The BSP can impose both monetary sanctions on banks and on people as well as non-monetary actions which can include issuing reprimands, disqualifying people,” he said.