18th September 2017
Senate President Aquilino “Koko” Pimentel III called on concerned government agencies to step up their efforts to run after those who had a hand in stealing $81 million from the Bangladesh bank account. Pimentel underscored the swift recovery of the stolen money in the $81-million cyberheist last year especially that… Read More
5th September 2017
Bangladesh’s central bank will send a team of officials to the Philippines on Tuesday to push for the recovery of more of the $81 million stolen from its account at the New York Federal Reserve last year and routed through a bank in Manila. Bangladesh Bank has been able to… Read More
31st July 2017
Senior bankers at a programme directed officials concerned to strictly prevent money laundering and terrorist financing to further strengthen the national economy, reports BSS. They said some people and quarters became involved in money laundering to smuggle different contraband goods, drugs and narcotics substances, human trafficking and anti-social activities. Read More
24th May 2017
One in five banks in the Asia Pacific expects tax evasion in 2017 to increase 100 to 500 per cent over last year’s levels according to a recent poll by data analytics firm Fico. A further one in five senior fraud managers surveyed said they expect the increase to be… Read More
24th April 2017
The Department of Justice (DOJ) has found basis to file money laundering charges against a former branch manager of the Rizal Commercial Banking Corp. (RCBC) and officials of remittance firm Philrem Service Corporation (Philrem) in connection with the $81 million in funds stolen by hackers from the Bangladesh Bank. Current… Read More
1st February 2017
Rizal Commercial Banking Corp. (RCBC) said Tuesday it hired a former official of the Anti-Money Laundering Council as chief compliance officer, as the bank continues to beef up its management team. Read More
4th January 2017
From 2000 to 2005 the Philippines was ‘blacklisted’ as a ‘non-cooperative’ country and subjected to significant sanctions by the Financial Action Task Force for its failure to tackle endemic problems with transparency and traceability in its financial system. Read More
23rd November 2016
The Philippines' anti-money laundering watchdog has filed criminal charges against five officials of the RCBC (Rizal Commercial Banking Corp) bank as well as the former treasurer Raul Tan, for "wilfully" ignoring suspicious activity Read More
22nd November 2016
A money laundering complaint has been filed against the former treasurer of Rizal Commercial Banking Corp. and five other bank employees over the shifting of $81 million that was stolen from Bangladesh's foreign reserves to one of its branches. Read More
In this exclusive Of Counsel piece, Julie Copeland and Mirella A. de Rose of Lewis Baach pllc, consider two recent events which highlight the importance of real time monitoring of suspicious transactions. Read More