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Nov 2, 2017 @ 20:08

RCBC takes Gil Buenaventura out of its anti-money laundering committee


“Those who do not learn history are doomed to repeat it.”

The Yuchengco-led Rizal Commercial Banking Corp. has certainly learned from its past mistakes.

RCBC announced a shake up in its committees at the board level.

In a stock exchange filing, RCBC said its president and chief executive officer Gil Buenaventura was vacating his seat in the Anti-Money Laundering Committee. He would be replaced by independent director Gabriel Claudio.

“This is to ensure that the majority of the members of the board’s Anti-Money Laundering Committee is comprised of independent directors,” RCBC told the Philippine Stock Exchange.

This committee has a peculiar role in RCBC’s history, especially after the bank was used by foreign hackers in siphoning off funds from the Bangladesh central bank to Manila and eventually, into their pockets.

The incident cost the bank a P1 billion penalty and a major reputational blow which it has weathered for over a year now.

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