The Bangko Sentral ng Pilipinas (BSP) said it has imposed sanctions on local banks BDO and UnionBank for the hacking incident that originated from a compromised Web service last December 2021.
The BSP, however, did not disclose the type or extent of penalties it slapped on the two banks.
The central bank arrived at the decision after completing its investigation into the incident which involved unauthorized access of accounts with BDO and fund transfers mostly to accounts with UnionBank.
The Monetary Board (MB), the policy-making body of the BSP, approved the imposition of sanctions on BDO and UnionBank to ensure that both banks will swiftly address the issues raised by the BSP.
“This incident is a reminder that we should continue to enhance our defenses against cyberthreat actors to protect the integrity of the financial system and the interests of depositors,” said BSP governor Benjamin E. Diokno.
The BSP said its investigation recognized the corrective actions undertaken by both banks related to the cyber incident, including reimbursement by BDO of its affected clients.
“The sanctions imposed emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing,” it said.
“The sanctions also reinforce the need for banks to take a proactive stance in ensuring that their depositors are adequately protected.,” it added.
