View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
  2. Company news
November 28, 2017updated 01 Dec 2017 6:29am

Philippines central bank fines Metrobank over $34.8m fraud case

The monetary board (MB) of the Bangko Sentral ng Pilipinas (BSP) has sanctioned Metropolitan Bank and Trust Company (MBTC) over the PHP1.75bn ($34.8m) fraud case reported in July this year.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

BSP in its statement said: “The sanctions imposed ranged from reprimand to suspension of directors and officers who failed to perform adequate oversight and/or have been complacent/remiss of their duties and responsibilities.”

While determining the sanctions, the MB considered MBTC’s strong financial condition and immediate corrective actions to restrain further financial damage.

The monetary board also ordered Metrobank to set aside more than PHP4.45bn ($88.4m) to provide coverage for higher operational risk.

BSP added that it will now periodically review the implementation of new measures and lift the sanctions once the Metrobank is found to have put in place adequate risk control measures to address the weaknesses discovered during the investigation.

Additionally, the BSP also asked Metrobank to submit a Letter of Commitment, to be implemented and completed within one year, and to enhance corporate governance, credit administration, internal controls and audit, risk management, and customer on-boarding and monitoring processes.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Retail Banker International