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Philippine bank fined for Bangladesh heist

image022Bangko Sentral ng Pilipinas, the central bank of the country, has imposed a 1 billion-peso ($21.3 million) penalty on Rizal Commercial Banking Corp for violations of banking rules in connection with the $81 million theft from Bangladesh Bank reserves. This is the largest fine levied on a bank in the country. The central bank did not give details of the violations committed by Rizal Bank. Rizal Bank, in a separate statement, said it plans to pay the amount in two batches of 500 million pesos each, over a one-year period, upon approval by the central bank’s Monetary Board. The bank had already made provisions for the penalty and is strengthening its systems and processes against money laundering, which should boost profitability. The Philippines is introducing a stronger anti-money laundering law that will expand the coverage to casinos as the central bank reviews its regulations.

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