RCBC fined P1B over Bangladesh bank cyber heist

THE central bank's Monetary Board has imposed a fine of P1 billion to Rizal Commercial Banking Corp. (RCBC) after it was dragged in the $81-million Bangladesh bank cyber heist.

In a statement Friday, the Bangko Sentral ng Pilipinas said the MB approved the imposition of "supervisory enforcement action" on RCBC "in connection with the special examination" that the central bank conducted regarding the cyber robbery.

"This is the largest amount ever approved as part of its supervisory enforcement actions on a BSP supervised financial institution (BSFI)," it said.

The BSP said the fine imposed against the commercial bank affirms its strong commitment to ensure the stability of the country's financial system through strong and effective regulation of BSFIs.

But the BSP said it recognizes RCBC’s efforts in instituting changes to strengthen its Anti-Money Laundering and Counter-Terrorist Financing Risk Management System and governance culture.

In February, Bangladesh central bank's account in the United States was hacked.

Part of the $81-million fund stolen from Bangladesh bank account reportedly passed through RCBC's branch on Jupiter Street in Makati City. (SDR/Sunnex)

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