RCBC denies alleged money laundering

MANILA, Philippines – Rizal Commercial Banking Corp. (RCBC) vehemently denied yesterday it tolerated the alleged money laundering activity in one of its branches in Makati.

RCBC president and chief executive officer Lorenzo Tan said in a statement the bank would fully cooperate with the Anti-Money Laundering Council (AMLC) and the Bangko Sentral ng Pilipinas (BSP).

“I condemn as malicious and actionable insinuations the top management of the bank knew of and tolerated alleged money laundering activities in one branch. I will fully cooperate with all ongoing inquiries and believe that I and consequently the bank’s management will be fully vindicated,” he said.

Tan is also president of the Bankers Association of the Philippines (BAP) and the Asian Bankers Association.

“My track record is unblemished and even counts positions of trust such as head of the BAP and the Asian Bankers Association,” Tan said.

Prior to joining RCBC in 2007, Tan held various positions in Sun Life of Canada, Philippine National Bank (PNB), United Coconut Planters Bank (UCPB), Citibank NA, among others.

“I have been in the Philippine banking industry for 18 years rebuilding banks, instituting reforms in Philippine and Asian banking, creating products for the unbanked and providing capital to small entrepreneurs,” he said.

On the other hand, RCBC vice chairman Cesar Virata said the bank is investigating the deposit of $81 million in its Jupiter branch and the subsequent transactions.

Virata assured the bank is cognizant of its bank secrecy obligations and would at all times maintain confidentiality of its accounts.