RiskTech Forum

MB Approves Record Supervisory Enforcement Action On RCBC

Posted: 8 August 2016  |  Source: Bangko Sentral ng Pilipinas

The Monetary Board approved the imposition of supervisory enforcement action on RCBC to pay the amount of P1.0 billion, in connection with the special examination conducted by the Bangko Sentral ng Pilipinas (BSP) relating to the Bangladesh Bank cyber heist.

This is the largest amount ever approved as part of its supervisory enforcement actions on a BSP supervised financial institution (BSFI).

This affirms the BSP’s strong commitment to ensure the stability of the country’s financial system through strong and effective regulation of BSFIs.

The BSP recognizes RCBC’s efforts in instituting changes to strengthen its Anti-Money Laundering and Counter-Terrorist Financing Risk Management System and governance culture.