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Apr 1, 2016 @ 11:59

Yuchengco forced to purge RCBC after $81M cyber theft scandal

 

Listed Rizal Commercial Banking Corp. (RCBC) of Bilyonaryo Alfonso Yuchengco has overhauled its operational process after being dragged into $81 million bank heist.

RCBC said its Board of Directors led by chair Helen Yuchengco Dee has taken immediate steps to improving its operational processes.

Dee is also acting as concurrent president as RCBC president and chief executive officer Lorenzo Tan went on leave after being dragged into the money laundering scam by dismissed RCBC Jupiter Bank branch manager Maia Santos-Deguito.

“Down the road, RCBC intends to implement best practice policies and procedures gained from international institutions for rigorous strengthening of compliance with Anti Money Laundering measures. This is meant to comply with all regulations while continuing to protect the interest of customer accounts,” the bank said.

It pointed out the bank has reduced its Straight through processing threshold amount for both inward and outward remittances.

“New threshold amounts have been established for corporate and individual accounts,” the bank said but did not reveal the new threshold.

In addition, RCBC has also increased the frequency of after-posting reviews.

“There will be greater focus on unusual transactions which will be escalated to the Group head via separate and frequent operations reports,” it said.

RCBC said further activities are also being programmed to ensure early and timely tracking and action on any suspicious transaction, with controls in place for higher-level action.

RCBC has also taken action on strengthening the account opening process as the accounts used in the alleged money laundering activity were fictitious.

“All in-branch account opening will be signed by two officers, each reporting to different units of the Bank. Photos will be taken of walk-in clients who are opening accounts,” RCBC said.

The bank added unusual transactions will be escalated to the regional and/or national higher level officers for independent verification.

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