Off the wire
• Chinese investors agree to buy whole of AC Milan: source  • Urgent: Syrian army kills 150 IS militants in Deir al-Zour  • FLASH: PRELIMINARY CONTRACT SIGNED FOR CHINESE INVESTORS TO BUY 99.93 PCT STAKE IN AC MILIAN -- FININVEST STATEMENT  • Disneynature's "Born in China" wildlife film premiers  • UN agencies deliver urgent relief to people stranded at Syria-Jordan border  • Feature: In first all-machine hacking tournament, computers battle to make world safer  • Over 4,000 student volunteers for G20 duties  • Indonesia foils IS' plan to launch rocket strike on Singapore's Marine Bay  • Chinese president's envoy to attend Chadian presidential inauguration  • Senior CPC official cheers leading Chinese experts, scientists  
You are here: 　 Home

Philippine central bank imposes record 1-bln-preso fine on Philippines bank

Xinhua, August 5, 2016 Adjust font size:

The Central Bank of the Philippines (BSP) has imposed a record 1-billion-peso (21.3 million U.S. dollars) fine on Rizal Commercial Banking Corp., in connection with the Bangladesh Bank heist scandal, the central bank said in a statement Friday.

"The Monetary Board approved the imposition of supervisory enforcement action on RCBC to pay the amount of 1 billion pesos, in connection with the special examination conducted by the (central bank) relating to the Bangladesh Bank cyber heist,"the statement read.

"This affirms the (central bank's) strong commitment to ensure the stability of the country's financial system through strong and effective regulation of BSP-supervised financial institution (BSFI)."

The central bank said this is the largest amount it has ever imposed on a financial institution as part of its supervisory enforcement actions on a BSFIs.

The imposition of fine was in connection with the 81 million U.S. dollars stolen from a Bangladeshi central bank that made its way into the Philippines through RCBC employees. The government has managed to trace most of the 81 million U.S. dollars but at least 17 million U.S. dollars is still unaccounted for, prompting the Bangladesh to seek the help of President Rodrigo Duterte.

Bangladeshi Ambassador to the Philippines John Gomes told a news briefing on Friday that a team from Bangladesh will visit Manila to look into and recover the laundered money.

"We are pinning our hopes on the new administration for the recovery of our money," Gomes said. Endit