The Bangko Sentral ng Pilipinas (BSP) has completed its investigation into the incident that originated from a compromised web service last December 2021. The incident involved unauthorized access of accounts with BDO Unibank, Inc. (BDO) and fund transfers mostly to accounts with Union Bank of the Philippines (UBP).

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.

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

The BSP investigation recognized the corrective actions undertaken by both banks related to the cyber incident, including reimbursement by BDO of its affected clients.

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. BSP