Philippine bank not for settlement with Bangladesh Bank
Rizal Commercial Banking Corp (RCBC) said it will not settle the dispute with Bangladesh Bank, which had held the former responsible for the $81 million cyber theft 2 years ago. RCBS, the Philippines’ 10th largest bank said it was victimized when unidentified hackers shifted the money to its accounts after they stole it from Bangladesh Bank’s account with the New York Federal Reserve. The money trail went cold in casinos and Bangladeshi authorities have recovered at least $15 million. The bank said it is not definitely settling the issue with Bangladesh Bank. The bank said it is prepared to address any case that may be filed over the fraud. Bangladesh Bank had expressed its readiness for an out of court settlement. Regulators had fined RCBC a record P1 billion over the incident in early 2016. Then bank’s president Lorenzo Tan had also resigned.