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| May 15 2015
Four accounts opened with false identities at RCBC branch in Manila. January 2016 Malware introduced into Bangladesh Bank computer network. February 4 Bangladesh Bank’s computers order 35 transfersvia Swift from central bank branch at New York Fed, to a total value of $951m. Fed executes five — one to Sri Lanka and four to the Philippines, with a value of $101m. Spelling error in Sri Lankan account name stops transaction and $20m is recovered. February 5 About $81m deposited into the Philippine accounts. A dollar account opened at RCBC in the name of William So Go, who denies involvement. Funds transferred via that account and via Philrem, a remittance company, to a series of accounts linked to Philippine casinos. February 8 Bangladesh Bank issues stop orders to New York Fed, RCBC in Manila, US banks Citi, Bank of New York Mellon and Wells Fargo, and Sri Lanka’s Pan Asia Banking Corporation. February 11 Philippines central bank governor receives call from Bangladesh counterpart Atiur Rahman requesting help to trace and freeze stolen funds. February 29 Philippine Court of Appeal petitions to freeze the four RCBC accounts that initially receive funds, as well as the accounts of Eastern Hawaii; Kam Sin Wong, one of the signatories to the account of Eastern Hawaii; Mr Go, and his Centurytex Trading business. Story of the scam broken by the Philippine Daily Inquirer. March 15 Mr Rahman resigns as Bangladesh Bank governor and two of his deputies are fired. Sources: Anti-Money Laundering Council, Philippines; Bangladesh Bank executives and their official police report of the crime; Philippine Senate hearing. |
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