International

RCBC treasurer resigns amid BB money laundering scandal

Amid the ongoing probe into the $81-million money laundering scandal hounding the Rizal Commercial Banking Corp. (RCBC), its treasurer has resigned from his post.Former treasurer and executive vice president Raul Victor Tan resigned effective Wednesday (April 20), RCBC said in a disclosure addressed to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).The announcement was published in the PSE website on Thursday.It said the reason for Tan’s resignation is ‘to pursue other endeavors,’ which were not revealed.RCBC thanked Tan for his seven years of ‘valuable services’ to the company and wished him well for his future endeavors.The bank’s board of directors appointed Carlos Cesar Mercado, senior vice president, to replace Tan as acting treasurer effective also Wednesday.Tan attended several Senate hearings on the money laundering case but the RCBC management itself has given him clearance from the controversy.‘RCBC’s internal investigation had previously cleared Mr. Raul Tan of any participation in or breach of banking policies with respect to the $81M money laundering issue,’ the RCBC reiterated in a statement attached to the disclosure.The Yuchengco-owned bank earlier issued an apology for the involvement of its personnel in the money laundering scheme, such as former branch manager Maia Santos-Deguito.Between February 4 and February 5, thieves attempted to withdraw $951 million from the Bangladesh Bank.About $101 million was stolen, $81 million of which ended up in the Philippines through deposits made to RCBC’s Jupiter Street, Makati branch.