Philip­pines to hold banks ac­count­able in cy­ber heist

The Pak Banker - - COMPANIES/BOSS -

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."

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.