Philippines: Philippine central bank fines Rizal Bank over Bangladesh cyber heist failings

• Aug 05, 2016

Philippines: Philippine central bank fines Rizal Bank over Bangladesh cyber heist failings

Friday, 5 August 2016 – The Philippine central bank said on Aug 5 it would fine Rizal Commercial Banking Corp (RCBC) a record 1bil pesos (RM85.98mil), after the bank was used by cyber criminals to channel US$81mil (RM326.50mil) stolen from Bangladesh Bank in February.

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 500mil pesos (RM42.99mil) each. Read More?