RCBC treasurer resigns amid money laundering scandal

The treasurer of Rizal Commercial Banking Corporation (RCBC) has resigned amid the $81-million money laundering scandal hounding the Yuchengco-led bank.

"RCBC's internal investigation had previously cleared Mr. Raul Tan of any participation in or breach of banking policies with respect to the $81M money laundering issues," the bank said in an April 20 letter to the Philippine Stock Exchange.

The letter was released by the exchange on Thursday.

Tan was among the higher-ups named by former RCBC Jupiter branch manager Maia Santos-Deguito as having knowledge of the transactions involving the money that turned out to have been stolen from the Bangladesh Bank account at the Federal Reserve Bank of New York

Tan was among the higher-ups named by former RCBC Jupiter branch manager Maia Santos-Deguito as having knowledge of the transactions involving the money that turned out to have been stolen from the Bangladesh Bank account at the Federal Reserve Bank of New York.

“Sabi ko, ‘Sir, may problema ako. ‘Di ko ma-recall 'yung four (accounts) pero andun pa ‘yung pera (sa PhilRem Service Corp. at sa William Go account).’ Sabi niya,'Di na natin problema ‘yun, problema na ng Bangladesh',” Deguito said, referring to the RCBC treasurer.

In a separate statement, RCBC Legal and Regulatory Affairs Group chief Maria Celia Estavillo noted why Tan resigned.

"Out of decency and honor, and despite his lack of involvement in the same, he tendered his resignation because of command responsibility, as Deguito – whose culpability has been clearly and convincingly established – was under him," Estavillo said.

The treasurer and executive vice president offered previously to resign but it was not accepted by the bank, the RCBC lawyer said.

Pandesal Forum

In a separate interview with reporters on Thursday, Deguito said, "We do not want to point fingers," noted that the treasurer was one of the first higher ranking officers of the she informed about the transactions involving the Bangladesh funds.

"Noong February 9... When all the recall of funds came in, the moment I read it, tumawag ako agad sa kanila, eh, nag-report ako. Kumbaga nag-inquire ako kung ano gagawin ko," she said at the Pandesal Forum in Kamuning, Quezon City.

At the Senate blue ribbon committee hearing on April 12, Deguito told the Senate blue ribbon committee that that she received stop payment requests on the funds left in the accounts at her branch under the name Michael F. Cruz, Jessie C. Lagrosas, Alfred S. Vergara, and Enrico T. Vasquez. The accounts were already established as fictitious.

However, she claimed that the money was already transferred into the William Go account – also at the RCBC Jupiter branch, and with remittance firm PhilRem Service Corp.

Deguito claimed she then called RCBC Senior Vice President and Director for Regional Sales Brigitte Capiña to raise her concerns. Capiña supposedly referred her to Tan, the RCBC treasurer and executive vice president.

"Tumawag ako agad kay Brigitte Capiña. Hindi ko na nga ho tinawagan district head ko, eh, dumiretso na ako kasi it's an urgent thing. Sinabi ko sa kanya, 'May recall of funds. Anong gagawin ko, wala na ako ma-re-recall but I know where the funds are'," she said.

Bank reforms

But Tan claimed he could not recall such an exchange with Deguito.

At the sixth hearing of the Senate investigation into the money laundering scheme on Tuesday, he revealed that the bank  is reforming its systems so it can act swiftly on suspicious transactions.

"The head office can now centrally hold a transaction once we receive a request and do an independent verification separate from the branch." Tan told the Senate blue ribbon committee.

Earlier, RCBC president Lorenzo Tan went on leave after Deguito said she opened the four bank accounts under fictitious names at the RCBC Jupiter branch supposedly upon the referral of Kim Wong who is supposedly the bank president's friend.

The RCBC president and the treasurer are unrelated. – With Virgil Lopez and Jon Viktor Cabuenas/VDS, GMA News