$81M Hacking of Bangladesh Bank, US Federal Reserve in New York to RCBC bank in PH and Sri Lanka bank to Solaire Casino.

[BratPAQ]

Philippines Prepares Charges in Alleged Hacking of Bangladesh Bank Account - WSJ

The amount would have been almost $950M if it weren't detected earlier, or as other site claim a typo error caused the hackers to lose the $850M. The hacker have to be a genius to know hacking and how banking system works and the loops holes on our countries anti-money laundering law.

[chua_riwap]

Kanya kanya nang denials.....

RCBC Manager Ivokes Self Incrimination

MANILA - A branch manager of the Rizal Commercial Banking Corp. (RCBC) on Tuesday invoked her right against self-incrimination several times during a hearing of the Senate blue ribbon committee on the $81-million money laundering case.

RCBC Jupiter branch manager Maia Santos-Deguito first declined to answer committee chairman Senator Teofisto Guingona III, who asked if she followed the banking principle of knowing one's clients when four men opened dollar accounts that received stolen money from the Bangladesh Bank (BB).

She, however, confirmed that thank-you letters sent to the addresses of the four depositors were not returned.

Deguito, in an earlier ABS-CBN interview, claimed meeting these four clients -- Michael Francisco Cruz, Jessie Christopher Lagrosas, Alfred Santos Vergara and Enrico Teodoro Vasquez --only through the referral of businessman Kim Wong in May 2015.

Deguito again invoked her right against self-incrimination when asked if she signed the application forms for the US dollar accounts.

Guingona pointed out that two of the four men submitted fake driver's licenses for their applications. All four also had false addresses.

Deguito also declined to confirm if she became suspicious when the four bank accounts, which were dormant from May 2015, suddenly received millions of dollars from Bangladesh on February 5, 2016.

The bank manager said her answers in the Senate probe may be used in the criminal complaint filed against her by Anti-Money Laundering Council (AMLC).

READ: RCBC branch manager sued for money laundering

She instead promised to give a tell-all to the Senate through an executive session.

Sen. Juan Ponce Enrile was adverse to Deguito's request, saying: "Why should we hear her in executive session, for what purpose? Just to know that something happened? We are supposed to investigate in aid of legislation. These are public investigations."

Sen. Alan Peter Cayetano, however, countered Enrile, explaining that there are times when a witness would not want to testify in public, and that an executive session is up to the Senate's discretion.

"Number two, this is a very delicate matter because we do not want to damage any banking institution nor the banking industry. If you hear their side, her side, et cetera, the Senate may win but the banking institutions may all lose and the country may lose," he added.

GUINGONA THUMBS DOWN EXECUTIVE SESSION

Guingona had announced at the start of the hearing that he had rejected two requests for an executive session, which cited the Bank Secrecy Law.

He reasoned that the Bangladesh Bank, the legitimate owner of the questioned funds, has not invoked confidentiality.

"The subject funds actually belonged to the Bangladesh government and the Bangladesh government has not invoked confidentiality. In fact, they are here present to observe. They have written the Bangko Sentral governor asking for assistance for the tracing and the recovery of the funds," the senator explained

"So, the true owner is the one that can invoke the secrecy of bank deposits but in this case, the true owner is asking our assistance so the invocation of the bank secrecy law can’t be properly done at this point. "

He also pointed out that a freeze order has been imposed on the questioned accounts.

"The freeze order contained documents, including the pleadings, including the petition filed by the AMLC and all those documents are now public records and therefore, open for the public. Again bank secrecy can’t be invoked," he said.

A motion seeking an executive session for Deguito has yet to be made, as of posting.

[xwangbu]

bat senado nagiimbestiga?
baket di na lang mga tulfo braders? :D

[xwangbu]

nacompromise mga swift codes nyan.

[dr. d]

it was an interesting afternoon, wrought with lotsa finger-pointing. branch manager and bank president kept pointing to each other...
this afternoon's session brought to bright light, the weaknesses of our banking system and the secrecy laws...
if this does not overhaul our bank secrecy laws... we have only our politicians and lawmakers to blame.

[shadow]

They're invoking bank secrecy law for fictitious accounts. Only in the Philippines. [emoji23]


Sent from my iPhone using Tapatalk

[chua_riwap]

They're invoking bank secrecy law for fictitious accounts. Only in the Philippines. [emoji23]


Sent from my iPhone using Tapatalk

Sabi nga ni tenga e, why apply BSL when the money is owned by the Bangladesh govt & not invoking BSL?

Oo nga naman.....

[br733]

how can they withdraw several millions of dollars all on feb 9? wont they need to send several armored trucks just to deliver such an amount to the branch?

and take note this in usd, not php...

[zoomzoom]

how can they withdraw several millions of dollars all on feb 9? wont they need to send several armored trucks just to deliver such an amount to the branch?

and take note this in usd, not php...

Hindi winithdraw physically yung pera. Tinransfer lang at kinonsolidate sa isang account ng isang William Go from the original four accounts.

[Monseratto]

Funny how one of the RCBC officer said that they cannot divulge anything because of the Bank Secrecy law, to which TG Guingona replied that he was the author of the law...