Philippines Slaps $21.3 Million Fine on Rizal Bank for Heist

  • Central bank says penalty is largest meted out to a lender
  • Rizal Bank says it will pay in two equal batches, over 1 year

The Philippine central bank has slapped a 1 billion-peso ($21.3 million) penalty on Rizal Commercial Banking Corp. for violations of banking rules in connection with the $81 million theft of Bangladesh Bank reserves.

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