Bangladesh Bank has threatened to sue Manila-based RCBC, and any legal fallout could set a precedent amid a rash of electronic heists at financial institutions around the world. (For a graphic of where the money went, see: http://tmsnrt.rs/22NOJWn )It is unclear what obligation RCBC has to Bangladesh Bank and whether U.S. law would apply. The Philippine bank said it had received advice from lawyers in the United States that it had "strong and valid" defences against any suit by Bangladesh Bank. "There is no act attributable to RCBC which caused the loss or the theft from Bangladesh Bank," it said in a statement on Monday. Financial firms around the world have reviewed defences after a rash of cyber heists involving SWIFT, the latest targeting Malaysia's central bank.

Source: dna April 16, 2018 12:00 UTC