HALISTER1: Philippines’ Rizal Bank Says It’s Investigating $81m Deposit

Philippines’ Rizal Bank Says It’s Investigating $81m Deposit

(Bloomberg) -- Rizal Commercial Bank or RCBC investigating an $81m deposit and transactions related to account, Vice Chairman Cesar Virata says in statement.
  • NOTE: Virata issued statement after Philippine Daily Inquirer on Wednesday reported $81m allegedly stolen by computer hackers from Bangladesh central bank entered Philippine banking system and released to local clients of RCBC Link; entry of additional $870m allegedly foiled after international banks recalled transfer order
  • RCBC’s internal investigations will involve board-approved committee and will be assisted by auditing firm SGV, a member practice of Ernst & Young: Virata
  • RCBC submitted required reports to Anti-Money Laundering Council, will cooperate with government regulators
  • Banks’ principal shareholders -- Yuchengco family, Taiwan’s Cathay Life, World Bank’s IFC -- fully committed to banking laws, regulations particularly anti-money laundering rules: Virata
  • RCBC cognizant of bank secrecy obligations, will “at all times” maintain confidentiality of its account: Virata
  • RCBC will issue subsequent reports, statements as probe progresses: Virata
  • Philippine central bank Governor Amando Tetangco, who heads the nation’s Anti-Money Laundering Council, did not reply to mobile-phone messages seeking comment on Inquirer report and Bangladesh central bank’s statement
  • NOTE: Fed Responsible for Missing $100 Million, Bangladesh Says Link
  • NOTE: Philippine Senate blue ribbon committee to hold March 15 public hearing on alleged money laundering transaction
  • NOTE: Philippine Gaming Regulator Probes Alleged Money- Laundering Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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RCB PM (Rizal Commercial Banking Corp)

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Cesar Virata (Coastal Road Corp)

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