August 06 2016
The Philippines central bank on Saturday imposed a 1 billion peso ($21 million) fine, its largest ever, on a local commercial bank which became embroiled in the laundering of $81 million stolen by hackers from a US Federal Reserve account belonging to Bangladesh’s central bank.
The Rizal Commercial Banking Corp. (RCBC) said it would pay the fine in two instalments. The Philippine central bank said the action affirms its “strong commitment to ensure the stability of the country’s financial system” through strong regulation of local banks.