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BSP sanctions 2 banks over role in ‘Mark Nagoyo’ scam

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BSP sanctions 2 banks over role in ‘Mark Nagoyo’ scam

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THE Bangko Sentral ng Pilipinas (BSP) announced on Thursday that it has imposed sanctions on BDO Unibank Inc. and Union Bank of the Philippines for their involvement in the recent “Nagoyo” scam.

In a statement, the Central Bank confirmed that it has completed its investigation into the incident that originated from a compromised web service in December 2021.

The incident involved unauthorized access of accounts with BDO Unibank Inc. (BDO), where cash was transferred unknowingly from BDO account holders to a person named Mark Nagoyo, mostly to accounts with UnionBank.

“Based on the results of the investigation, the Monetary Board [MB] approved the imposition of sanctions on BDO and UBP to ensure that both banks will swiftly address the issues the BSP noted,” the statement read.

BSP Governor Benjamin Diokno said this incident is a “reminder that we should continue to enhance our defenses against cyber threat actors to protect the integrity of the financial system and the interests of depositors.”

The BSP, however, did not specify the type or gravity of the imposed sanctions.  

“The sanctions imposed emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing. The sanctions also reinforce the need for banks to  take a proactive stance in ensuring that their depositors are adequately protected,” the BSP statement…

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