Branch manager Deguito was found to be guilty of money laundering by the RTC of Makati. She was sentenced to 30 -50 years and fine of $101 million in fine
Showing posts with label RCBC. Show all posts
Showing posts with label RCBC. Show all posts
Wednesday, October 30, 2024
Recall of Money Laundering scam coursed through a local bank stolen from Bangladesh
It is more fun criticizing
Wednesday, March 30, 2016
Are fictitious accounts covered by bank secrecy law?
It is more fun criticizing
Philippines
March 30, 2016
Are fictitious accounts covered by bank secrecy law?
Faces behind the fictitious bank accounts identified
According to Sen Enrile it is merely the opinion of the gentlemen at the Senate hearing that the 5 accounts at RCBC Jupiter are fictitious and therefore no longer subject to RA 1405 (bank secrecy law) He believes that if we are to comply with the law, we have to have a competent court determine that, not Senate, because evidence obtained under duress, or in violation of the law will be inadmissible for future court proceedings.
There are only four (4) instances under the law where bank deposits or investment in government bonds may be disclosed or looked into, namely: (1) upon written permission of the depositor; or (2) in cases of impeachment; or (3) upon order of a competent court in cases of bribery or dereliction of duty; or (4) in cases where the money deposited or invested is the subject matter of the litigation.
From Interasksyon - It is for the courts to determine the illicitness of of an account. Not the Senate - Enrile
Sens Guingona, and Pimentel a bar top notcher think fictitious accounts are not covered. AMLC head Abad think they are be exempted. but Circular 706 (guidelines for AML) of CB does not amend the secrecy law and merely states "deemed" and is merely a CB Circular.
Here is a relevant FAQ on the subject matter:
C. Continued confidentiality/secrecy of deposit transactions
Q. Is confidentiality/secrecy of deposit accounts compromised with the issuance of Circular 251?
A. No. Circular 251 merely disallowed the opening of fictitious and anonymous accounts and has not in any way modified nor lessened the safeguards and protection to depositors under RA 1405. This means that, notwithstanding Circular 251, deposit accounts cannot be examined or looked into except under the limited circumstances provided for in RA 1405.
Q. Why are the BSP and the BAP advocating the amendment to bank secrecy laws?
A. The proposal of BSP and BAP is for access to deposit accounts only under exceptional circumstances, such as deposits only above the P50-million level and in relation to the commission of serious offenses like racketeering and illicit drug trade. Except for these instances, depositors and those with legitimate transactions remain protected under RA 1405. The objective of the proposal is to institute this measure as an anti-money laundering campaign so as to delete the Philippines as a non-cooperative country in the list of the Financial Action Task Force against money laundering.
There is a continuing secrecy under this FAQ, the prohibition on fictitious account notwithstanding. Now the case at bar vs Deguito may be the basis for the examination of account under condition #4.
Freezing/stop payment of transfers
The law does not allow the stop payment of transfers, especially for dollar accounts, even for fictitious accounts according to Estavillo, head of RCBC legal department. She hopes Senate can plug the loopholes in the law
Philippines
March 30, 2016
Are fictitious accounts covered by bank secrecy law?
Faces behind the fictitious bank accounts identified
According to Sen Enrile it is merely the opinion of the gentlemen at the Senate hearing that the 5 accounts at RCBC Jupiter are fictitious and therefore no longer subject to RA 1405 (bank secrecy law) He believes that if we are to comply with the law, we have to have a competent court determine that, not Senate, because evidence obtained under duress, or in violation of the law will be inadmissible for future court proceedings.
There are only four (4) instances under the law where bank deposits or investment in government bonds may be disclosed or looked into, namely: (1) upon written permission of the depositor; or (2) in cases of impeachment; or (3) upon order of a competent court in cases of bribery or dereliction of duty; or (4) in cases where the money deposited or invested is the subject matter of the litigation.
From Interasksyon - It is for the courts to determine the illicitness of of an account. Not the Senate - Enrile
Sens Guingona, and Pimentel a bar top notcher think fictitious accounts are not covered. AMLC head Abad think they are be exempted. but Circular 706 (guidelines for AML) of CB does not amend the secrecy law and merely states "deemed" and is merely a CB Circular.
Here is a relevant FAQ on the subject matter:
C. Continued confidentiality/secrecy of deposit transactions
Q. Is confidentiality/secrecy of deposit accounts compromised with the issuance of Circular 251?
A. No. Circular 251 merely disallowed the opening of fictitious and anonymous accounts and has not in any way modified nor lessened the safeguards and protection to depositors under RA 1405. This means that, notwithstanding Circular 251, deposit accounts cannot be examined or looked into except under the limited circumstances provided for in RA 1405.
Q. Why are the BSP and the BAP advocating the amendment to bank secrecy laws?
A. The proposal of BSP and BAP is for access to deposit accounts only under exceptional circumstances, such as deposits only above the P50-million level and in relation to the commission of serious offenses like racketeering and illicit drug trade. Except for these instances, depositors and those with legitimate transactions remain protected under RA 1405. The objective of the proposal is to institute this measure as an anti-money laundering campaign so as to delete the Philippines as a non-cooperative country in the list of the Financial Action Task Force against money laundering.
There is a continuing secrecy under this FAQ, the prohibition on fictitious account notwithstanding. Now the case at bar vs Deguito may be the basis for the examination of account under condition #4.
Freezing/stop payment of transfers
The law does not allow the stop payment of transfers, especially for dollar accounts, even for fictitious accounts according to Estavillo, head of RCBC legal department. She hopes Senate can plug the loopholes in the law
Timeline for the RCBC money laundering; withdrawals continued despite stop payment order/request
It is more fun criticizing
From IB Times - Timeline for the Bangladesh $81 million heist
3/24 (One wonders why Kim Wong would still keep the name of the Chinese junket operator yesterday when this is well known all readyworld wide
Timeline on RCBC money laundering case from Rappler
From New Age - RCBC allowed withdrawals despite stop payment order
But this came too late when most of the funds have been withdrawn. Either you are quick or dead.
Intelligent criminals behind Bangladesh Heist
Philippines
March 30, 2016
The RCBC money laundering case, if we are to believe the story tellers, are lessons in timing (promptness) and obedience and compliance to procedure. It also shows lapses in vigilance and attention to details. It can happen to anyone. But RCBC, having ignored the stop payment order for the remaining amounts, still not withdrawn could be held liable for the amounts withdrawn after the stop payment order
From IB Times - Timeline for the Bangladesh $81 million heist
3/24 (One wonders why Kim Wong would still keep the name of the Chinese junket operator yesterday when this is well known all readyworld wide
Timeline on RCBC money laundering case from Rappler
From New Age - RCBC allowed withdrawals despite stop payment order
But this came too late when most of the funds have been withdrawn. Either you are quick or dead.
Philippines
March 30, 2016
The RCBC money laundering case, if we are to believe the story tellers, are lessons in timing (promptness) and obedience and compliance to procedure. It also shows lapses in vigilance and attention to details. It can happen to anyone. But RCBC, having ignored the stop payment order for the remaining amounts, still not withdrawn could be held liable for the amounts withdrawn after the stop payment order
Tuesday, March 29, 2016
Highlights of the Senate Hearing on the RCBC money laundering case today, March 29, 2016
It is more fun criticizing
Philippines
March 29, 2016
Kim Wong before the Senate hearing
The half day hearing of the Senate on RCBC money laundering gave us lot of education on laws, management and internal controls, casino, the minds of criminals, scam, how to iwas pusoy (put blame on others) and insight on how the senior officer of the country think.
1. Sen. Serg Osmena's questioning of RCBC prexy.
The RCBC prexy said it is a correct balance of speed of transaction/ and control that must be managed in a bank to serve the millions of transaction that take place every second. The good senator that despite the size of the transaction, the RCBC prexy seemed not to have known that something was happening that he should taken action on. Mr. Tan, passed on the responsibility to sub alterns and the system which failed.
Comment:
Iwas pusoy ang sagot. He can not escape that responsibility. Perhaps the IT computer system, or the reporting system in their bank has gaps to comply with the AMLA law. I would like to think that the failure on the part of the bank to implement the stop order or comply with request of CB of Bangladesh to verify the beneficiary of the transfers make RCBC liable civilly for the $81 million dollars return to Bangladesh.
2. Revelation of Kam Sin Wong, a junket operator other wise known as Kim Wong
Philippines
March 29, 2016
The half day hearing of the Senate on RCBC money laundering gave us lot of education on laws, management and internal controls, casino, the minds of criminals, scam, how to iwas pusoy (put blame on others) and insight on how the senior officer of the country think.
1. Sen. Serg Osmena's questioning of RCBC prexy.
The RCBC prexy said it is a correct balance of speed of transaction/ and control that must be managed in a bank to serve the millions of transaction that take place every second. The good senator that despite the size of the transaction, the RCBC prexy seemed not to have known that something was happening that he should taken action on. Mr. Tan, passed on the responsibility to sub alterns and the system which failed.
Comment:
Iwas pusoy ang sagot. He can not escape that responsibility. Perhaps the IT computer system, or the reporting system in their bank has gaps to comply with the AMLA law. I would like to think that the failure on the part of the bank to implement the stop order or comply with request of CB of Bangladesh to verify the beneficiary of the transfers make RCBC liable civilly for the $81 million dollars return to Bangladesh.
2. Revelation of Kam Sin Wong, a junket operator other wise known as Kim Wong
Saturday, March 19, 2016
He said, she said, who is telling the truth about the RCBC money laundering case?
It is more fun criticizing
Rizal Philippines
March 19, 2016
Maia Santos Deguito, the ertswhile manager of RCBC Jupiter went into an executive session with the Senate committee investigating the money laundering of Bangladesh CB heist. She has been charged all ready in violation of the money laundering case; the President Mr. Nestor Tan went into leave because of the fiasco.
Earlier, Ms. Deguito was explained by the HR of RCBC was asked to explain the circumstances behind the money laundering case and putting RCBC at risk.
All ready several points are adverse to Deguito:
1. That the Jupiter CCTV was not working at the time of withdrawal;
2. That loading of the 20 million pesos into the car: Angela Torres a customer relations staff, alleged right hand of Deguito, claimed it was loaded into the car of William Go. A bank exec, Romuado Agarrado said it was loaded into the car of Deguito
3. That she proceeded to have the withdrawals made, despite a stop payment order issued earlier during the day (9 am, the withdrawal was made until 11 of the same day)
4. That she said that she would allow the withdrawal to be made rather than have her family members harmed. She denied having said this at the Senate inquiry
Rizal Philippines
March 19, 2016
Maia Santos Deguito, the ertswhile manager of RCBC Jupiter went into an executive session with the Senate committee investigating the money laundering of Bangladesh CB heist. She has been charged all ready in violation of the money laundering case; the President Mr. Nestor Tan went into leave because of the fiasco.
Earlier, Ms. Deguito was explained by the HR of RCBC was asked to explain the circumstances behind the money laundering case and putting RCBC at risk.
All ready several points are adverse to Deguito:
1. That the Jupiter CCTV was not working at the time of withdrawal;
2. That loading of the 20 million pesos into the car: Angela Torres a customer relations staff, alleged right hand of Deguito, claimed it was loaded into the car of William Go. A bank exec, Romuado Agarrado said it was loaded into the car of Deguito
3. That she proceeded to have the withdrawals made, despite a stop payment order issued earlier during the day (9 am, the withdrawal was made until 11 of the same day)
4. That she said that she would allow the withdrawal to be made rather than have her family members harmed. She denied having said this at the Senate inquiry
Wednesday, March 16, 2016
What you should know about the Bangladesh Heist, involvement of RCBC and the AMLA law?
It is more fun criticizing
Rizal Philippines
March 16, 2016
RCBC manager - a person of interest in the Bangladesh CB heist money laundering
Hooray It is the date of "discovery of the Philippines by Magellan in 1521"
And today, the Philippines is well known to the world because of being the center of one of biggest heist in banking history almost a hundred million dollars of about P4 billion pesos. Name any hold up that could equal that amount. Many also remark that it is true that thieves and robbers use laptops and ipads to rob a bank - no more guns, acetylene torch, dynamites, drills and tunneling.
The latest heist involve a hacking of the Bangladesh Central Bank account at the Federal Bank of New York using the interbank messaging system known as SWIFT (the equivalent of cable before)
This was wired to RCBC in Jupiter branch allegedly to the account of William Go, erstwhile owner of S & R (but claims his signature at the bank was forged) and five others - Another $850 was to be transferred had the heist not been discovered. The money eventually found its way into the casinos and was made clean.Michael Cruz, Jessie Lagrosas, Alfred Vergara, Enrico Vasquez and Kam Sin Wong (Kim Wong).
It is to be noted that the said mentioned bank has become stricter. A relative who was to make a withdrawal in excess of the covered transaction was being asked a lot of question
Rizal Philippines
March 16, 2016
Hooray It is the date of "discovery of the Philippines by Magellan in 1521"
And today, the Philippines is well known to the world because of being the center of one of biggest heist in banking history almost a hundred million dollars of about P4 billion pesos. Name any hold up that could equal that amount. Many also remark that it is true that thieves and robbers use laptops and ipads to rob a bank - no more guns, acetylene torch, dynamites, drills and tunneling.
The latest heist involve a hacking of the Bangladesh Central Bank account at the Federal Bank of New York using the interbank messaging system known as SWIFT (the equivalent of cable before)
This was wired to RCBC in Jupiter branch allegedly to the account of William Go, erstwhile owner of S & R (but claims his signature at the bank was forged) and five others - Another $850 was to be transferred had the heist not been discovered. The money eventually found its way into the casinos and was made clean.Michael Cruz, Jessie Lagrosas, Alfred Vergara, Enrico Vasquez and Kam Sin Wong (Kim Wong).
It is to be noted that the said mentioned bank has become stricter. A relative who was to make a withdrawal in excess of the covered transaction was being asked a lot of question
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