Philippine bank accuses Bangladesh of heist 'cover-up'

A Philippine bank today accused Bangladesh's central bank of a "massive cover-up" over an USD 81-million cyber-heist last year, as it rejected allegations it was mostly to blame.
Unidentified hackers shifted USD 81 million in February last year from the Bangladesh central bank's account with the US Federal Reserve in New York to a Manila branch of the Rizal Commercial Banking Corp (RCBC).
The money was quickly withdrawn and laundered through Manila casinos.
With only a small amount of the stolen money recovered and frustration building in Dhaka, Bangladesh's Finance Minister A.M.A Muhith said over the weekend he wanted to "wipe out" RCBC.

RCBC today said Muhith's remarks were "extremely irresponsible".
"Last year's theft of USD 81 million of Bangladesh's Central Bank's (BB) funds was an inside job and BB is engaging in a massive cover-up by maligning RCBC and refusing to divulge its findings," the bank said in a statement on today.

"BB should stop making RCBC its scapegoat."
The Philippines last year imposed a record USD 21-million fine on RCBC after a "special examination" of the bank and its role in the audacious cyber heist.
Philippine authorities have filed money laundering charges against the RCBC branch manager.
RCBC said an "inside job" at Bangladesh Bank made the heist possible.

"If it was stolen by your own people, why ask us? We are actually a victim of BB's negligence," RCBC said.
Asked about the allegation of an inside job, Bangladesh Bank deputy governor Razee Hassan insisted RCBC was at fault for releasing the stolen money.
"(RCBC) did not do due diligence. Their central bank did not fine them without any reason," he told AFP.