Sen. Poe: BSP Must Publicize Sanctions to BDO, UnionBank

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In a press release, Senator Grace Poe, Chairperson of Committee on Banks, Financial Institutions, and Currencies, stated that although announcing the sanctions on the banks are appropriate, she implied that the the Bangko Sentral ng Pilipinas (BSP) should publicize the banks’ penalty to assure the people that they are secured.

“Laying down the specifics of the sanctions and actions duly taken by the government will help assure consumers that they are amply protected and looked after.” – Senator Grace Poe

The senator added that bank depositors expect full accountability and recompense for damages and losses incurred. This includes incidents where they lose their deposits due to hacking and other forms of cybercrimes.

“We count on banks to heighten their efforts to fortify their systems and safeguard the hard-earned savings of our depositors,” she stated.

This statement was published after the announcement that the central bank, along with its Monetary Board (MB), has concluded its investigation and will impose sanctions regarding the hacking incident involving BDO and UnionBank. (Read more: BSP to Impose Sanctions on BDO and UnionBank over 2021 Hacking Incident)

In its announcement, the BSP only stated that “the sanctions imposed emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing.” A specific and elaborated sanction for the banks was not mentioned in the statement.

The only hint about the sanction was a statement from UnionBank disclosing that “there were no monetary penalties.”

The BDO hacking incident happened last December 9 where multiple accounts were hacked by a scammer named “Mark D. Nagoyo.” The hacker stole up to ₱25,000 thousand to ₱50,000 pesos per account and transferred the stolen funds to his multiple UnionBank accounts. 

Deepening public confidence in our banking system is crucial to the timely recovery of our economy,” Sen. Poe added.

This article is published on BitPinas: Sen. Poe: BSP Must Publicize Sanctions to BDO, UnionBank

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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