Bangladesh Bank for set­tle­ment in cy­ber heist

Banking Frontiers - - Regulator -

Bangladesh Bank is open to a set­tle­ment with Rizal Com­mer­cial Bank­ing Corp in the $82 mil­lion cy­ber theft in Fe­bru­ary 2016 when the amount was stolen by cy­ber crim­i­nals from the cen­tral bank’s ac­count with the Fed­eral Re­serve in New York and shifted to Rizal Com­mer­cial. Such a set­tle­ment will not in­volve the Philip­pine gov­ern­ment. Bangladesh Bank is not fully re­cov­ered from the mas­sive fraud, but it is ex­am­in­ing whether a set­tle­ment can be reached so that some lost money can be re­cov­ered. The Philip­pine gov­ern­ment had im­posed a mas­sive fine on RCBC for the cy­ber heist. Be­sides, the gov­ern­ment has also brought casi­nos un­der anti-money laun­der­ing laws as the money from RCBC was moved to sev­eral casi­nos in the coun­try.

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