Philippines to hold banks accountable in cyber heist
The Philippines will hold accountable any bank or banker found responsible or remiss in their duties in the $81 million cyber heist of Bangladeshi foreign reserves that wound up in the Southeast Asian nation's financial system, officials said.
"You can be assured that banks that fail to perform their responsibilities will be held accountable," Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla, who heads the central bank's supervision and examination division, said Saturday in reply to a text message.
Philippine lawmakers last week started an investigation into how the stolen funds ended up in Rizal Commercial Banking Corp., wired to remittance company Philrem Service Corp., and transferred to casinos. Senator Teofisto Guingona, who's leading the inquiry, said the theft could threaten the wider financial sector in the Philippines and put the country's credit rating at risk. Bangko Sentral ng Pilipinas Governor Amando Tetangco said March 18 he sees "risk associated" with the incident and the nation has "to show that action has been taken."