In its enforcement action, the Monetary Board of Bangko Sentral ng Pilipinas (BSP) says the P1.0 billion penalty “is the largest amount ever approved as part of its supervisory enforcement actions on a BSP supervised financial institution”.
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The central bank said it had approved the record one billion pesos (US$21 million) fine after a “special examination” of the bank and its role in the audacious cyber heist.
Despite the record fine, the central bank did point out that it recognized RCBC’s efforts “in instituting changes to strengthen its Anti-Money Laundering and Counter-Terrorist Financing Risk Management System and governance culture”.
This amount, RCBC said, “shall be paid in two equal tranches over a one-year period, P500 million upon approval by the Monetary Board and P500 Million one year after”.
Secretary Vitaliano Aguirre of the Department of Justice met Bank of Bangladesh officials who sought Philippine government help in the recovery of the $81 million.
A Philippines bank that was used as a conduit by cyber criminals to transfer $81 million from the Bangladesh central bank’s account at the Federal Reserve Bank of NY on Friday challenged Bangladesh Bank to take it to court.
A Bangladesh central bank team visiting Manila to recover $81 million stolen from its account in NY said it was close to getting back $15 million of the loot frozen by the Philippines, but first has to prove ownership of the cash to its hosts. “The reason is I got a commitment from the president himself”, Ambassador John Gomes told a media briefing in Manila on Friday.
Despite this, Bangladesh Supreme Court senior advocate Ajmalul Hossain said there are no plans to sue RCBC.
Gomes said the bank felt that RCBC should be held responsible because they did not follow a stop-payment request from the Bangladesh Bank.
Gomes said Dhaka would send a high-level delegation to Manila late next month to press for the return of the funds.
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Bangladesh also asked the powerful Senate Blue Ribbon Committee to resume its investigation into the scam involving still unknown hackers who tried to steal almost $1 billion from the Bank of Bangladesh between February 4 and 5 this year.
