Philip­pine bank not for set­tle­ment with Bangladesh Bank

Banking Frontiers - - Regulator -

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.

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