Philippine bank fines USD 12 mln for cyber attack

The central bank said that it had approved the record fine of USD 21 million after a special examination of the bank and its role in the audacious cyber heist.

RCBC said separately that it -had made provisions for the fine and would pay it in two instalments over a one-year period.

The cyber heist highlighted how the Philippines banking loopholes and anti-money laundering laws have made the impoverished and corruption-weary country a dirty money destination. Philippine law exempts casino transactions from scrutiny by the Anti-Money Laundering Council without a case filed in court.

The Bangladesh theft was one of a series of spectacular cyber attacks against banks this year that have heightened fears the industry is becoming an increasingly attractive target for hackers.