RCBC strengthens anti-money laundering team

Listed Rizal Commercial Banking Corp. (RCBC) has further strengthened its anti-money laundering committee with the appointment of an independent director.

RCBC informed the Philippine Stock Exchange (PSE) it has appointed Gabriel Claudio to the committee replacing RCBC president and CEO Gil Buenaventura.

“This is to ensure that the majority of the members of the board’s anti-money laundering committee is comprised of independent directors,” the bank said.

The bank strengthened its board of directors with the appointment of more independent directors.

RCBC overhauled the composition of its 15-man board after it was used as a conduit in the laundering of the $81 million funds owned by Bangladesh Bank stolen by hackers wherein it was fined a record P1 billion by the Bangko Sentral ng Pilipinas last year.

Aside from Claudio, other independent directors inWilliam clude former trade secretary Juan Santos, former Monetary Board member and trade undersecretary Melito Salazar Jr., former ambassador Lilia Bautista, Vaughn Montes, Adelita Vergel de Dios and Armando Medina.

Aside from Buenaventura, other directors include chair Helen Dee, Cesar EA Virata, Tza Ching Chan, Richard Westlake, John Law, Yuh-Shing Peng and Florentino Herrera III.