BSP slaps record P1-B fine on RCBC over Bangladesh bank heist
August 5, 2016 | 7:27pm
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) asked the Rizal Commercial Banking Corp. (RCBC) to pay a P1-billion fine in connection with the $81 million Bangladesh bank heist.
A statement by the BSP said this is "the largest amount ever approved as part of its supervisory enforcement actions on a BSP supervised financial institution (BSFI)."
The fine was for noncompliance with banking laws and regulations related to the Bangladesh bank cyber-heist.
RCBC said it would comply with BSP Monetary Board Resolution No. 1392 and would pay the fine in two equal tranches over a one-year period.
"While the payment involves a large amount, RCBC believes that this is part of increasing regulatory oversight and restrictions and we will comply with the MB Resolution," RCBC President and CEO Gil Buenaventura said.
"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," he added.
Earlier, the Senate blue ribbon committee launched a probe into how the stolen funds were transmitted online to four private accounts at RCBC’s branch along Jupiter Street in Makati. — Levi A. So
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