Rcbc Money Laundering

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Retrieved from: http://cnnphilippines.com/news/2016/03/16/guingona-money-laundering-case-conspiracy.html

The accounts of businessman William Go at the Rizal Commercial Banking Corporation (RCBC), allegedly used to launder $81 million stolen by hackers from Bangladesh Bank, had been forged, according to a bank officer.

But after an internal bank investigation, Estavillo said they found out that the two accounts — one peso account opened in 2014 and one dollar account opened Feb. 5, 2016 — were opened in the name of Go but that his signatures were forged.

"The questioned signatures allegedly signed by one William S. Go were not signed by one and the same person, and therefore was a result of simulated forgery," she said.

Estavillo said the addresses used to open the Go accounts were also fake.

She said Deguito ignored an order from the bank to freeze Go's accounts and later directed the processing of one withdrawal amounting to about P20 million from Go's dollar account and placed the money inside her own car and drove off with it. Upon questioning by Sen. Ralph Recto, Julia Bacay-Abad, executive director of the Anti-Money Laundering Council Secretariat, said that $66 million that went into Go's accounts eventually were transmitted to Philrem while the remaining $15 million from the four other suspect accounts in the Jupiter Branch also went to Philrem.

The total, $81 million, were stolen by hackers from Bangladesh Bank account at the U.S. Federal Reserve Bank in New York and transferred to the Philippines.

Retrieved from: http://cnnphilippines.com/news/2016/03/17/rcbc-money-laundering-estavillo-deguito-go-accounts-fake.html

Proposed Solution

- To know the location of the sender by checking on the IP address or database of RCBC

- To contact the President of the Bangladesh Bank to confirm the transaction have been made on that incident

- To contact the President of the RCBC of Jupiter Makati Branch to confirm on the agreement of the transaction

By proposing these solutions, it will help to reveal the suspect behind this circumstance.

Recommendations

- To implement the country’s existing laws and a law on anti-money laundering.

- To ensure that every big amount of transaction is confirmed by the FED.

- To implement an agreement with the account holder to show their accounts.