BSP receives half of Php 1-B fine vs. RCBC

MANILA — The Bangko Sentral ng Pilipinas (BSP) received on Friday half of the Php 1 billion fine it slapped on Rizal Commercial Banking Corp. (RCBC) in connection with the Bangladesh Bank cyber heist in February 2016.

Asked to confirm a report about the payment, BSP Deputy Governor Nestor Espenilla Jr. said: “Yes”.

Espenilla said the payment was made electronically through RCBC’s demand deposit (DD) account with the central bank.

”That’s just an electronic debit on their DD account with BSP and transferred to BSP instantly,” he told PNA in an SMS.

The Php 1-billion fine against RCBC was announced by the central bank last Aug. 5 after the approval of the BSP’s policy-making Monetary Board (MB).

This after four accounts opened at the Jupiter-Makati branch of the domestic bank in May 2015 received last February about USD 81 million of stolen funds from the Bangladeshi central bank’s account with the Federal Reserve of New York.

The BSP said the fine, the largest it has imposed on a local bank so far, was approved after a special examination on the incident.

“This affirms the BSP’s strong commitment to ensure the stability of the country’s financial system through strong and effective regulation of BSFIs (BSP supervised financial institutions),” it said.

RCBC said it will pay the fine “in two equal tranches over a one-year period, Php 500 million upon approval by the Monetary Board and Php 500 million one year after.” Joann Santiago/PNA/northboundasia.com