RCBC pays half of P1-B fine over Bangladesh caper

Warren de Guzman, ABS-CBN News

Posted at Aug 12 2016 06:03 PM

MANILA - Rizal Commercial Banking Corp. (RCBC) on Friday made its first payment of a record P1 billion fine over its role in the shifting of millions of dollars that was stolen from Bangladesh's foreign reserves, a central bank official said.

The lender paid P500 million to comply with a central bank requirement that a payment must be made within a week after the penalty is imposed, Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla said.

RCBC earlier said it would pay the fine in two equal tranches, with the second payment to be made a year after the first payment.

In February, unidentified hackers shifted $81 million from the Bangladesh central bank's account with the New York Federal Reserve to four RCBC accounts. [$81 million: https://news.abs-cbn.com/focus/v2/03/19/16/81m-heist-the-money-trail]

From RCBC, the money was transferred to several casinos. Bangladesh's Ambassador to the Philippines, John Gomes, took the bank to task for failing to stop the movement of the money despite requests from the Fed.