Philippines central bank fines RCBC over Bangladesh heist

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Central Bank of the Philippines wields supervisory power and slaps fine on commercial bank

The Central Bank of the Philippines (BSP) will fine Rizal Commercial Banking Cooperation (RCBC) as part of its probe into the Bangladesh Bank hacking scandal, it said today (August 5).

RCBC will be required to pay one billion pesos ($21.3 million), which the central bank said was the largest amount it had "ever approved as part of its enforcement actions" on the institutions it supervises.

"This affirms the BSP's strong commitment to ensure the stability of the country's financial system

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