Rizal Commercial Banking (RCBC), a Philippines-based lender, has shut down its remittance operations in Italy.

RCBC, which operates with two branches in Rome and Florence, said that it had to shut the operations as it could no longer meet on time the computer systems capabilities required by the Italian central bank.

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RCBC Global Transaction Banking group head Manny Narciso said: "The impact of the closure on operations and profitability will be minimal, since this is a relatively low margin business with high operating costs."

The lender also confirmed that the closure was not related to the issue of money laundering, for its alleged participation in the illegal transfer of $81m worth of funds believed stolen from the Bangladesh Bank.

RCBC is currently being investigated by the Senate over the allegations.

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