The Philippines’ Rizal Commercial Banking Corp. has been fined 1 billion pesos, the equivalent of US.3 million, for its role in the cyber-theft earlier this year that saw million looted from Bangladesh’s central bank and most of the money laundered through two Philippine casinos, where most of it disappeared.
Bangko Sentral ng Pilipinas, the central bank of the Philippines, imposed the penalty, the largest in its history.
RCBC, which reported a profit of 2.61 billion pesos for the first half of this year, plans to pay the fine in two installments over the next 12 months and says it has strengthened its processes and procedures against money laundering.
Bangladesh holds RCBC accountable for the theft and has stated that expects to recover at least US$15 million before the end of September and an additional $2.5 million that was frozen by the gaming regulator in the Philippines.
Philippines President Rodrigo Duterte has promised to help Bangladesh in its efforts, and officials from the two countries have met, according to Philippine news reports. A high level delegation from Bangladesh is expected to arrive in September to continue those discussions, reports said.
