Pilipinas on Thursday said it has approved sanctions on BDO Unibank, Inc. and UnionBank of the Philippines, Inc. over an online fraud incident involving customer accounts in December.
The sanctions “emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing,” the BSP said. He said UnionBank has fully cooperated with BDO and the BSP, and has frozen a “sizeable amount and returned it to BDO.”
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