Reuters, Manila :The Philippine central bank on Saturday said it would fine Rizal Commercial Banking Corp (RCBC) a record 1 billion pesos ($21 million), after the bank was used by cyber criminals to channel $81 million stolen from Bangladesh Bank in February.The central bank said in a statement that it was the largest amount it has ever approved “as part of its supervisory enforcement actions” on a bank.RCBC said separately that it would pay the fine over a one-year period, in two tranches of 500 million pesos each.Meanwhile, the Bangladesh ambassador to the Philippines said yesterday that Philippine President Rodrigo Duterte has given a commitment that $81 million stolen from the account of Bangladesh Bank in New York and traced to bank accounts in Manila would be returned.”We are very hopeful that we will get the total $81 million. The reason is I got commitment from president himself,” Ambassador John Gomes told a media briefing in Manila.A Bangladesh central bank team is currently in Manila to try and recover some of the lost money, but said they were close to getting back only $15 million.Unknown hackers tried to steal nearly $1 billion from the Bangladesh central bank’s account at the Federal Reserve Bank of New York between Feb 4 and Feb 5, and succeeded in transferring $81 million to four accounts at RCBC in Manila.RCBC earlier yesterday challenged Bangladesh Bank to take it to court, telling Reuters that the “Philippine side has done its part” and that the transfers were made based on authenticated instructions over payments network SWIFT.
