RCBC Meted with P1-Billion Fine for Role in Bangladesh Bank Heist

The Bangko Sentral ng Pilipinas (BSP, Philippine central bank) imposed a record P1-billion fine on Rizal Commercial Banking Corporation (RCBC), which was at the heart of the scandal that victimized Bangladesh Bank.  Despite the record fine, RCBC was commended for  instituting changes to strengthen its Anti-Money Laundering and Counter-Terrorist Financing Risk Management System and governance culture. RCBC said it would pay the…

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