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Philippine central bank sees risk from Bangladesh heist scandal

[MANILA] The Philippine central bank sees a risk to the local financial system from the Bangladesh central bank heist scandal, and supports the lifting of secrecy on bank deposits and strengthening anti-money laundering rules, its chief said.

"If you look at the behaviour of the financial markets over the last several days there has been no indication that there is a negative impact. But we have to recognise there is a risk," Bangko Sentral ng Pilipinas Governor Amando Tetangco told reporters on Friday.

Separately, central bank deputy governor Nestor Espenilla said there is concern now over the ability of domestic banks to avoid criminal money coming in.

Bangladesh police are investigating the cyber-theft of US$81 million from the central bank's account at the US Federal Reserve.

The money was transferred to accounts at a Manila branch of Rizal Commercial Banking Corp (RCBC), and was quickly further transferred.


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