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RCBC files defamation suit against Bangladesh Bank in connection with US$81 million cyber heist

RCBC files defamation suit against Bangladesh Bank in connection with US$81 million cyber heist (Incident Response, Learnings)

Filipino-owned bank Rizal Commercial Banking Corporation (RCBC) has filed a defamation suit against Bangladesh Bank for alleging that the former was complicit in the 2016 cyberheist in which the Bangladeshi central bank lost US$81 million (PHP4.256 billion). RCBC’s suit was served to Bangladesh Bank’s Deputy Governor Abu Hena Mohammad Razee Hasan and other officials who arrived in Manila this week for meetings with local banking officials, GMA News reported. According to ABS-CBN News, in its suit, RCBC accused the Bangladeshi central bank of going on a “massive ploy and scheme to extort money” from them by destroying its reputation. Last month, the Bangladesh Bank filed a suit in New York against RCBC’s top officials for allegedly facilitating the theft of the US$81 million, reported the Wall Street Journal. As early as 2016, RCBC was penalized by the Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines), ordering it to pay a PHP1 billion (US$18.926 million) fine for failing to follow banking laws and regulations in connection with the cyberheist.

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