After completing its investigations on the digital fraud incident involving a certain “Mark Nagoyo” last December, the Bangko Central ng Pilipinas (BSP) announced the decision of the Monetary Board to sanction BDO Unibank, Inc. and UnionBank of the Philippines “to ensure that both banks will swiftly address the issues” raised by the central bank. To recall, unauthorized access to a number of BDO accounts reportedly came from a compromised web service, accompanied by fund transfers mostly made through UnionBank accounts.
“The sanctions imposed emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing,” the BSP explained.
According to BSP Governor Benjamin Diokno, the incident reminds that “we should continue to enhance our defenses against cyberthreat actors to protect the integrity of the financial system and the interests of depositors.”
Meanwhile, UnionBank President and CEO Edwin R. Bautista said the BSP did not impose monetary penalties.
“All the recommendations of BSP to avoid such incidents have been implemented. No monetary penalties. But we were asked to increase our capital charge against operations risk,” Bautista said in a text message to BusinessWorld.
On the other hand, BDO President and CEO Nestor V. Tan indicated that the bank shall comply with the sanctions.
“We will work with the BSP to ensure a more secure banking environment,” he told BusinessWorld via Viber.
Earlier, the Bankers Association of the Philippines (BAP) commended the arrest of the perpetrators.
“We thank the National Bureau of Investigation (NBI) and the Department of Justice (DOJ) for their successful collaboration in holding cybercriminals accountable for what they have done,” BAP President Jose Arnulfo Veloso said.
Source: Yugatech
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