RCBC apologizes for involvement in banking heist

March 23, 2016 - 2:41am

In this Thursday, March 17, 2016 photo, Rizal Commercial Banking Corp. (RCBC) reserve officer Romualdo Agarado testifies before the Philippine Senate probe into how about $81 million of Bangladesh's stolen funds were transmitted online to four private accounts at a branch of the RCBC in suburban Pasay city, south of Manila, Philippines. The laundering through the Philippines of $81 million stolen by hackers from a U.S. Federal Reserve account is adding to pressures on the Southeast Asian country to fix loopholes in its financial regime. AP/Bullit Marquez

MANILA, Philippines — Rizal Commercial Banking Corp. (RCBC) on Wednesday apologized to its customers for the involvement of some of its personnel in the $81-million money laundering scheme.

The bank assured that it will cooperate with the Senate Blue Ribbon and Anti-Money Laundering Council on its investigations on the issue.

"RCBC recognizes the evils wrought by money laundering and will do its utmost in the fight against it," the bank said in a statement released on Wednesday.

RCBC is also conducting its own investigation to identify the weaknesses in its controls and operations that may have facilitated the banking heist.

The bank vowed to take appropriate action against any of its officer or staff found guilty of fault or negligence.

On Tuesday, RCBC terminated branch manager branch manager Maia Santos-Deguito and assistant manager Angela Torres for falsification of documents and breach of bank policies and procedures.

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