BSP imposes P1-B penalty on RCBCBank will pay in 2 tranchesThe Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has directed Rizal Commercial Banking Corp. (RCBC) to pay P1 billion as penalty for central bank law violations and its involvement in the $81 million cyber heist that victmized Bangladesh Bank. In its own disclosure, listed RCBC said it will comply with the Monetary Board decision and will remit P1 billion to the BSP. The seven-man Monetary Board, chaired by BSP Governor Amando M. Tetangco Jr. approved late Friday the imposition of a supervisory enforcement action on RCBC and to pay up the required amount. “This pertains to the administrative proceedings taken by the BSP involving RCBC for non-compliance with the New Central Bank Act, in connection with the incidents following the $81-million Bangladesh Bank cyber heist,” the bank explained. “This is the largest amount ever approved as part of its supervisory enforcement actions on a BSP supervised financial institution (BSFI),” the BSP said in a statement yesterday.

Source: Manila Bulletin August 05, 2016 14:15 UTC