The Philippine central bank said on Friday it will fine Rizal Commercial Banking Corp (RCBC) 1 billion pesos ($21.33 million) in relation to the Bangladesh Bank cyber heist, reports Reuters.
The central bank said in a statement that it was the largest amount it has ever approved ‘as part of its supervisory enforcement actions’ on a bank.
RCBC said separately that it will pay the fine over a one-year period.
RCBC was used as a conduit by cyber criminals to steal $81 million from the Bangladesh central bank’s account at the Federal Reserve Bank of New York