7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica

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TheGreatBangladeshCentralBankHeist
PostedbychempoonMarch18,2016496Comments

Bychempo

ThismusthavebeenTheGreatTrainRobberyofthe21stcentury.HackersweresuspectedtohavebeenresponsibleforsendingSWIFTFINpaymentinstructions
fromCentralBankofBangladeshtotheFederalReserveBankNYonFeb4torequesttransfersofUS$1billion.TheFedsexecuted1paymentofUS$20mmtoa
bankinSriLankaand4paymentsofUS$81mmtoabankinPhilippinesbeforetheyrealizedsomethingwaswrongandstoppedpayment.

Timeline

(Whatisknownasat16Mar2016):

15May20154US$a/csopenedatRCBC,JupiterBranchpurportedlyby,MichaelFrancisCruz,JessieChristopherLeprosa,EnriqueVasquezandAlfred
SantosVergara.
1Feb2016US$a/cpurportedlyopenedbyWilliamSoGo.
4Feb2016USFederalReserveBankreceived35SWIFTpaymentinstructionsfromBangladeshCentralBank(BCB)forpaymentstotalingUS$951mm.The
Fedsexecuted1payment(US$20mm)toaSriLankabank,and4paymentstotalingUS$81mmtoRCBC.Thentheysuspendedpayments.
5Feb2016(FridayBCBclosed)RCBCsawtheUS$81mminwardremittancesandappliedthefundsaccordinglytothe4beneficiarya/cs.
8Feb2015(MondayRCBCclosedforChineseNewYearholiday)BCCmessagedRCBCtostoppayment.
9Feb2016BCBresendmessagestoRCBC.
11Feb2016BCBcalledBangkoSentralpresident,Anti-MoneyLaunderingCommissionstartedinvestigation.
19Feb2016NBI,Pangcorstartinvestigation
22Feb2016RCBCJupiterBrmanagerMariaDeguitoallegedlyhadmeetingwithWilliamGo
29Feb2016PDIbrokethenews.
1Mar2016CourtofAppealsissuesorderstoRCBC,East-WestBank,BDO&PNBtofreezea/cs.
8Mar2016TheDailyStar(inBangladesh)brokethenews
11Mar2016ImmigrationstoppedRCBCJupiterBranchManagerdepartureatairport
15Mar2016PhilippinesSenateconductinquiry.

WasBCBhacked?:
Bankhackingshavebeeninthemannerofhackersgainingaccesstoabankssystemandhavingcustomersinformationandpasswords(usingmethodslike
phishing)withwhichtheythenusetoaccessthevictimsaccountandexecutepaymentsonthebankspaymentapplication,totheirowndesignatedaccount,
mostlyafictitiousvendoraccount.Theydonotneed,andpossiblycannot,breakabanksencrypteddata.IfBCBhadbeenhacked,thenitsofanentirelynew
modeinthattheyactuallyexecutedSWIFTpayments.

BCBhackerswouldneedtostudyinstealththecentralbanksactivities.Todothistheyneedtoplantamalware.Ifitsakeyloggermalware,theviruswillrecord
allkeystrokesinfoandrelaythattothehacker.IfitsaRAT(remoteadministrativetool)virus,thehackersmonitorinrealtimeontheiroffsitescreens.The
forensicsleuthsnowatthebanksaytherewasamalwareplantedinJanuary2016.Itisunlikelythismalwareistheculpritbecauseitissimplytooshortatime
forhackerstostudythesystem.Perhapsthehackershadgainedaccessmuchearlierandalreadycoveredtheirtrackswell.

WastheSWIFTsystematBCBhacked?SWIFTisaverysecuresystemandispracticallyimpossibletohackinto.Undernormalbankingoperations,itisalmost
impossibleforahackertoexecutetheSWIFTpayments.Inalmostallbanks,dedicatedworkstationswouldbeusedforSWIFTpaymentsandthiswouldsitina
physicallysecuredroom.Allthepaymentscanonlybereleasedby2authorizedpersonnel(highlevelauthorizedsignatories)eachhavingonehalfofa16digit
password(whichischangedregularly).Allmessagesareencrypted.SWIFThasaconcentratorineverycountrythattheyoperatein.AllbanksSWIFT
workstationsareconnectedbyleasedlinetotheconcentrator.FromtherethedatagetsintoSWIFTIP-networktoeitherBrusselorUSoffices.

TheonlywayhackerscouldaccesstheSWIFTworkstationisifthereisinternetaccess,eitherdirectlyorindirectly.Agoodbankwouldhavedisabledthewifi,
diskdriveandUSBoftheSWIFTworkstationtopreventmis-use.SomebanksmayhaveaSWIFTandinhousesystemintegrationtofacilitateauto-SWIFTmessage
preparation,(anapplicationtodownloadpaymenttransactionsfrominhousebankingsystemintotheSWIFTsystemthusavoidingmanualpreparation)inwhich
casetheworkstationwouldbeconnectedtotheirserver,andexposedtothecorporatenetworkwithinternetaccess.Transactionvolumeislowforacentral
bankcomparedtoacommercialbanksoitisunlikelyforBCBtohaveanintegrationapplication.Itsanissueofcost.

TheBCBpaymentinstructionshadtobesentwhentheSWIFTmachinesareonline,whichmeansprobablyjustbeforethecloseofbusinessonFeb4.Itcouldbe
MT101(batchedpayments)orMT103(singlepayments).WhenthebanksendsaSWIFTmessage,thesystemsendsanack,acknowledgementorconfirmation.
ThisackdeterminesthelegalresponsibilityofSWIFTtodeliverthemessagetotheintendedparty.Thusduringtheday,whentheprintersstartthrowingout
theseack,surelyBCBwouldhavebeenalerted.

Thisiswhyallbanksintheworldarewaitingtounderstandhowthehackingcouldhavebeendone.

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Itismybeliefthereisahighprobabilitythattherewasnohackingbutaninsidejob.Anothergive-awayofemployeecomplicityisthepaymentsmade
referencestoactualongoinginfrastructureprojectsinthecountry.

Mis-handlingatBCB:
Ifindtwothingsthatpointtomanagementincompetence.Firstly,thecentralbankkeptthegovernmentintotalignoranceoftheheist.Theycorrectlycontacted
RCBCimmediatelyonFeb8,whichwasaholidayinPhilippines,andfolloweduponFeb9.ButitwasthroughaSWIFTmessagethatbetraysalackofurgency.
TheBCBPresidentcalledupBangkoSentralpresidentTetengcoFeb11about7pmforassistance.TheBangladeshFinanceMinisterlearnedofthelossfromthe
mediaonemonthaftertheincident.Secondly,whydidtheBCBkeepaUS$1billionsittingidleinacurrentaccount?Attheveryleastitshouldbeinovernight
deposits.

BCBandBangladeshFinanceMinisterdisplayedembarrassingignoranceofbankingpracticeswhentheysaidtheywillsuetheFedsfornegligenceinreleasing
thefirst5paymentstotalingUS$101mm.TheFeds,asthepayingbank,owesnolegalobligationtoensurepaymentsareinorder.Theirjobistomakesure
paymentsareproperlyexecutedasinstructedsolongastheorderforpaymentisauthentic.Andthe35paymentorderswereauthenticSWIFTmessages.Itwas
notacaseofsomeonerecreatingalookalike.

NoteonStoppaymentorders:

Thereissomethingmostpeopledonotunderstand.IfyouissueachequetoAandthenyouplaceastoppaymentorder,yourbankwillactonitifthechequehas
notbeencleared.Thatsstraightforward.Butifthechequehasbeencleared,thereisnolegalbasisforyoutoclaimthereturnofthefundsdirectlyfromAsbank
(sayBDO).ToBDO,yourpaymenttoAisavalidonebecausethechequehascleared.ButyourrequesttoBDOputstheminaverydifficultposition.Theyhave
nowbeenputonnotice.IfyourissuewithAisacommercialone,ithasnothingtodowiththem.IftheyfreezethefundsandAissueschequesthinkingthey
havethefundsandBDObouncethosecheques,AmaysueBDO.ButifitsacriminalissueandBDOreleasethefundstoA,thebankmaybecalledtoanswerfor
theconsequences.

AnotheregIfyoumakeanATMtransfertoawrongaccountandyourushtothebanktoreportthatandaskthemtoreversetheentries,sorry,notsofastJose.
Yourbankwillneedtogoandaskthepartythatreceivedthaterrortransferandhavetheirapprovaltoreturnthefundstoyou.ThatisbecauseyourATM
transferwasavalidone.

InthecaseofBCB,thecircumstancesarefairlyobviousacrimehasbeencommitted.ItwouldbeincumbentonRCBCtoheedthefreezeorderimmediately.

Internationalpayments:

Allbanksintheworldmaintainoperatingaccountswithbankslocatedinthecitywherethecurrencyissettled.ForUS$allbanksmaintainaccountswithother
banksinNewYorkcity.TheseNYbanksareknownasthecorrespondentbanksofthosebanksthatoperatethoseaccounts.ForexampleRCBCsUS$
correspondentisWachoviaBankNY.

TheUS$paymentflowsinitiatefromremittingbank(BCB)totheirNYcorrespondent(Feds),tobeneficiarybankscorrespondentbank(WachoviaNY)to
beneficiarybank(RCBC)todesignatedbranch(JupiterBr)andtoultimatebeneficiariessa/cs.(Sometimes,theremaybeafewmoreintermediaries).

AsImentionedinthepreviousUSDebtarticle,noUS$currencylefttheUS.IntheFedssystem,BCBsa/cgotdebitedandWachoviaNYa/cgotcredited.In
WachoviaNYbookstheydebitReserveatFeds,creditVostro(RCBC)a/c.InRCBCbookstheydebitNostro(WachoviaNY)a/candcreditcustomersa/cs.

FederalReserveBank:

TheFedsraisedthealarmwhentheysawthenumerouspaymentstoprivateindividuals.Itisnotinthenatureofcentralbankstomakesuchpayments.I
applaudtheFedsemployeesfortheiralertness.Thosearequalityemployees.Bangladeshis10hoursaheadofNewYork,soBCBwasclosedbythetimetheFeds
smelledsomethingfishy.SoitmeanstheFedsstoppedpaymentontheirownaccordonFeb4andtheninformBCBonnextBangladeshbusinessdayMondayFeb
7.Thiskindofsituationputsthepayingbankeronthespot.Theyhadtomakeadecisionthatcarriescertainrisks.Whatifthepaymentswerealllegitimate?The
Fedswouldhavetopaycompensatinginteresttorecipientbanksfor3days.

Thepayingbanker,inthiscasetheFeds,owesnodutyofresponsibilitytoBCBsolongasthepaymentinstructionareauthenticated,whichinthiscase,they
were.Itisneverthejobofthepayingbankertointerpretanddecideifpaymentsarecorrect,ifthatwereso,theirjobbecomesuntenable.

TheFedsactionofstoppingpaymentisnotacontractualobligation,butsimplybeingaprudentandresponsiblebank.InsteadofsuingtheFeds,BCBshouldbe
eternallygratefultotheAmericansforsavingthemUS$870mm.

WhatIwouldliketoknowisarethereotherrecipientbanksapartfromRCBCandPanAsia(theSriLankabank)?Ifso,thereareotherscumsinsomeother
bankselsewhere.Ifnot,thenitsabsolutelyunimaginablethatalmostUS$1billioncouldhavebeenplannedtobelaunderedthroughthecasinosinPhilippines.

Thespellingmistakethatstoppedabankheist:

ThepaymentofUS$20mmtoSriLankawasstoppedbecausethebeneficiarynamewasspeltincorrectly.Mediareportsarewishy-washyhere.Myguessisthat
thebeneficiarybankisPanAsiaBankingCorpandthebeneficiaryisShalikaFoundation.DeutscheBankmustbePanAsiasUS$correspondent.TheSWIFT
paymentindicatedbeneficiarynameasShalikaFandationsoPanAsiacouldnotapplythepaymentbecauseaccountnamediffers.Theycouldhaveletitpass
(becausethea/cnumbermustapparentlybecorrect),butinviewofthelargesum,theyprudentlywith-holdpayment.PanAsiawouldhaverevertedtoremitting
bank(BCB)forinstructions,soonMondayFeb7,allhellbrokelooseinDhaka.

NoticethatthisscenarioisdifferentfromtheFeds.Herethepaymentisauthenticatedandthebeneficiarybankhastoapplythefundstothecorrectultimate
beneficiary.IntheFedscase,thepaymentswereauthenticatedandtheirresponsibilityisonlytopaytothecorrectcorrespondentbankstheydonotconcern
themselveswiththebeneficiarybankandultimatebeneficiaries.

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WhosmindingthestoreatRCBC:

TheRemittanceDeptatHQisconcernedbasicallywiththepaperworkandroutingtheflowstothevariousbranches.Theycaninnowaybeconsideredas
approvingthetransactions.Howcouldtheyunderstandwhothecustomersareandwhatthoseremittancesrepresent?However,Feb5morningmusthave
stirredsomeexcitementintheDeptwhentheysaw4remittancesin$millions.Theymostprobablypickedupthephonetopre-advisethebranchaboutthe
hugeremittances.

Theresponsibilityforunderstandingthetransactionfallsonthefront-officeofficials.Theyaretheoneswhoknowthecustomersandwhohasintimate
knowledgeoftheaccounts.Theyaretheoneswhoprocessthetransactionsandapplytheproceeds.ThatresponsibilityfallssquarelyontheBranchManager.
ThatdoesnotmeanthatonFeb5morningwhentheylookattheremittanceformstheyknewitwasmoneylaundering.However,putthefactstogether,the
BranchManagercouldnothavearrivedatanyotherconclusionotherthanthatsomethingwasnotcorrect.Thefactswere:

The4US$accountshavebeendormantfor1year.
Thea/cswereopenedatthesametime,similarlydormant,andnowre-activatedatthesametime.
Thefundscamefromthesameremitter.
Theremitterisacentralbank(thereisunlikelyandFilipinohasanydealingswithacentralbankattheindividuallevel)
Thesumsareextremelyhuge.
Atthisstage,theBranchManagershouldhavesuspendedthetransactionsandreportedupthelineforfurtherinstructions.

Q1DidHOInwardRemittanceDeptcallthebranch,andifso,whatwastheBranchManagersresponse?

Q2DidBranchmanagercallupHO?Ifso,whowascalled,andwhatwastheresponse?

Inthehackersworldthereisatermcalledzeroday.Itreferstothepossibilityofabuginthesystemthathasyettoberecoveredandwillpopuponeday.So
processweaknessesaresomethinglikethat.Somewhereinthelinkmaycauseaproblembysomeincidentwhichhasneverbeenexperiencedbefore.Atwhich
point(bywhom?)shouldunusualtransactionsbealerted,andtowho?Obviously,itshouldbethePOIpointofinception(InwardRemittanceDept).Whats
unusualthisiswhereexperiencecomesin,butobviouslylargetransactionswouldbeoneofthem.Thefinalresponsibilityfordecisionsofcourselieswithtop
management,butthereshouldbeadesignatedmanagementlevelpersonnelwhowilltakeitofftheFOIanddosomepreliminaryinvestigationwork.The
internalauditmanagerwouldbeagoodcandidate.

TheinwardremittanceprocessatRCBCHO:

Operationalproceduresdifferfrombanktobankbutingeneral,itshouldbasicallybesimilar.OnFeb5morning,theHOInwardRemittanceDeptwouldfirstly
tallytheircurrencyreceiptsandreporttotheTreasuryManager.Secondly,arrangetopayultimatebeneficiariesaccordingly.Ifthesebeneficiariesarein
branches,theymakeinter-branchtransfersandforwardtheinwardremittancetobranchesforaction.

Separately,theHOReconciliationDeptwouldsortthroughthepreviousdays(Feb4)transactionsandconfirmthebalancesintheircorrespondentbanks
balancesorinvestigatediscrepancies.

Ordinarily,topexecutivesdonotknowanythingofthehundredsofthousandsoftransactionstheyhandleeachdayinthebank.ThusRCBCtopmanagement
wouldknownothingofwhattranspiredonFeb5.ThemanagementlevelthatwouldbethefirsttoknowsomethingwasamissistheTreasuryManagerbecause
theInwardRemittancereportedunusuallylargetotalUS$receipts,furtherconfirmedbytheReconciliationDeptthattheyhadlargebalancesovernightintheir
US$correspondenta/c.WhethertheTreasuryManagerwillreporttotheCEOdependsoncircumstances.InmoneycenterslikeHongkong,Tokyo,London,
SingaporeorNY,US81mmisnothingexciting.AtRCBCitprobablymatteredanditwouldhavebeenreporteduphigher,asanexception,notnecessarilyanything
wrong,becausetheremittancesmayprobablybelegitimate.

TheunusuallargebalanceintheNostroa/cwouldhavebeenadvisedbyanothersource.WachoviaNYsRelationshipManagementManagerwouldhavecalled
uptheRCBCCorrespondentManagerorifnotavailable,theTreasuryManager,toadvisethemtheyhadahugeovernightbalanceinthefloat.Thereasonisthis
representsun-utilisedidlefundsanditisalsooftenduetosomemistakes.IfRCBCdidnotreceivethiscall,theyhavealousycorrespondent.

Soinalllikelihood,topmanagementshouldhavebeenmadebeenawareofthehugesumsofdollarsonFeb5morning.Thequestiontoaskis:

QWerethetopmanagementinformedofthehugesumof$receivedonmorningofFeb5?Ifso,whoreportedtowhoandwhatwasthemanagements
response?

TheinwardremittanceprocessatRCBCJupiterBranch:
Normalprocessshouldhavebeen:

UponreceiptofinwardremittancesadvicefromtheHO,thebranchwouldapplythefunds.HOa/cwouldbedebitedandcustomersa/cscredited.Ifthe
remittanceadviceindicatethatbeneficiarybeinformed,thebranchwillcalluptheircustomersandtellthemyourfundshavearrived.Andthatwouldbe
endoftheinwardremittanceflow.

Whatactuallyhappened:

ThefundswerecreditedtoUS$a/csof4unknownprivateindividualsandthenimmediatelyreversedand15%remittedtoaremittancecompany(Philrem),
thebalancecreditedtotheUS$a/cofWilliamSoGowhichwashastilyopenedonFeb1,3dayspriortotheheistinDhaka.Gosa/csweresubsequently
debitedonFeb5andFeb9toPhilremwhichwillgoontoexecutethelastmiledeliveryofthestolenmoney.

OriginalinwardremittanceUS$80,882000werecreditedtothe4privateindividualsUS$a/cs(varyingamountsforeachone)onFeb5andtakenoutasfollows:

1.1.Feb5US$22,735,000debitedfromthe4US$a/csandcreditedtoGosa/c.

1.2.Feb9US$42,932,000debitedfromthe4US$a/csandcreditedtoGosa/c.

1.3.Feb9US$15,215,000debitedfromthe4US$a/csandremittedtoPhilrem(totheira/catwhichbankwedonotknow,possiblyatRCBCGreenhillsmy

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guess)

OftheUS$65,667,000transferredtoGosa/c,thepaymentsandreceiptsmade:

2.1.Feb5US$500,000PaymentreFX1

2.2.Feb5US$40,200,000PaymentreFX1

2.3.Feb9US$20,000000PaymentreFX2

2.3.Feb9(US$13,000,000)ReceiptreFX3

2.4.Feb10US$17,968,000PaymentreFX4

AlltheUS$wereremittedtoPhilrem,(totheira/catwhichbankwedonotknow(possiblyatRCBCGreenhillsmyguess).FX1,2&4wereremittancestoPhilrem
withinstructionstoconverttopesoandpaycertainbeneficiaries.AccordingtoPhilrem,thetransactionswereallviaverbalinstructionsfromthebranch
manager.Inotherwords,therewasnoFXtradedoneinRCBC.

FX3istheexception.PhilremdidanactualFXtradewithRCBCTreasury.RCBCsellpeso/buyUS$withPhilrem.FXtradeinvolvesseveralentries,forclaritywe
ignorethem.ItresultedinGosUS$a/cbeingdebited,andPesoCasha/ccredited.WedonotknowfromwherePhilrempaidRCBC,andwealsodonotwhere
RCBCdeliveredthepesocashto(probablyPhilrempickeditupatJupiterBr).

FX3istelling.PhilremsaidherinstructionscamefromTreasury.InaFXdeal,bothcounter-partieswillinstructeachotherwheretheywanttheirfunds
delivered.Butthisisfunny,asTreasurysoldthepesos,itwasalsotellingPhilremwheretodeliverthepesoto.ItshouldbePhilremtellingRCBCwherethey
(Philrem)wanttoreceivethepesos!WasthereTreasuryinvolvementinthewholeaffair?Theanswerisnotnecessarily.RetailFXoriginatedfromthebranch.It
istheoriginatingdeptwhoprovidestheTreasuryalltheinstructions.

FX3isverytroublinginthisway.ItinvolvestheTreasuryManager,theSettlementsManagerandtheChiefCashierandthesumwearetalkingaboutis
600,000,000pesos.Hell,iteveninvolvedtheBangkoSentral.Icanfindnoreasontoexplainhowthiscouldnothavecausedarippleofexcitementenoughto
reachRCBCtopmanagementsears.HowdidtheChiefCashierexplaintotheBangkoSentralwhentheyrequisiteforthishugeamountofcash?

AccordingtoPhilrem,theydeliveredthis600,000,000pesosinseveraltranchesfromFeb5-13.Ithinkshegotthedateswrong.ItmustbefromdateofFX3,Feb9,
toFeb13.Therewere4bankingdayshere,somostlikelyPhilremhadtodeliverin4tranchesbecauseRCBCbrokethecashrequisitionwithSentralBangkoto4
tranchesfor150,000,000pesoseachdaytoavoidscrutiny.Eventhen,thecentralbankwouldhavequeriedatthelargeamount.Theonlywaytoavoidscrutiny
wasfortheChiefCashiertobuildupthecashhoardoverseveraldays(ifso,ImassumingitstartedonFeb1,thedayGosUS$a/cwasopenedatthebranch).Had
thishappened,theTreasuryManagerwouldmostdefinitelybeaware.HeavenforbidthatthatreallyhappenedbecauseitscreamsCOMPLICITY!!!

Thedetailedbook-keepingmaytellsomething.HowcouldtheyexecuteFX3wheretheUS$isreceivedinoneday(Gosa/cdebitedUS$13mmonFeb9),andthe
pesosdeliveredoverseveraldays?

Q1Wereallthewithdrawalsproperlydocumented?Didcustomerssignwithdrawalslipsinthebranch?

Q2Werealloutwardremittancesproperlydocumented?Didcustomerssignremittanceformsinthebranch?Whoauthorizedthem?Werethelargeamountsin
excessofthebranchmanagerssigningauthority?Ifso,whichhigherauthoritycounter-signedthem?

Q3WheredidalltheUS$remittancestoPhilremgoto?WasittoPhilremsa/catotherbanksoratRCBCGreenhills?

Q3Whowasthe$/pesoFXdealerinRCBCwhohandledFX3?DidtheTreasuryManagerapprovethetrade?

Q4WhatwastheresponseoftheChiefCashier?Howdidherequisitethe600,000,000pesos.

Q5DidBangkoSentralnoticeanythingofRCBCscashrequisitionFeb9toFeb13?

Icouldgoonandasktensofotherquestions.IwouldrecommendafullauditofFX3alone.

PhilremServicesCorp:

Itisanestablishedremittancescompanyoperatinginafewcountries.Ithandlesabout100,000transactionspermonthaverageUS$500each.Soaverage
turnoverisUS$50mmpermonth.(Dontknowifthisisworld-wideorjustPhilippines).Remittancecompaniesworkinclosepartnershipwithbanks.Philrem
CEOM/sBautistawassquirmishwhenaskedhowlongwasPhilremsrelationshipwithRCBC.Itwas2years,then5yearsthen3-5years?Shecantremember.

Philremremittedinthefollowingmanner(a/csatwhichbank,wedontknow):

Feb5Php665,000,000in4tranchestocasinoSolairea/cBloomberry(KimWongscompany)
Feb9Php8,000,000===do===
Feb10Php800,000,000===do===
Feb10Php1,000,000,000in2tranchestoEasternHawaiiLeisureCorp

PaymentstoWeikangXu(casinojunketoperator)wereincashinvarioustranchesbetweenFeb5-13.Totalcashpaid:

Php600,000,000(FromFX3?)
US$18,000,000

Q1WheredidPhilremparktheUS$remittancesremittedbyRCBCJupiter?WithwhichbankdidPhilremdotheFXdealtoconverttopesos?Wasitalsodone
withRCBC?Investigatorsshouldfollowthistrail.

AskedifsheknewKimWongandWeikangXu,PhilrembossM/sBautistasaiddismissivelyshewasintroducedprobablyonceortwicetoKimWong,andmet
WeikangXuonlyonce.

Askedabouthowshedoeshercashdelivery,shesaidthefirstfewtimesshedeliveredherself,andmosttimesbymessenger.Thatscontradictinghermeeting
himonlyonce.Forthosekindofdeliveries,shortofanarmoredcaryouprobablyneeded2securityguards!

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ShedisclosedwoefullythatRCBChasclosedallPhilremandotherrelatedpersonalaccounts.RCBCindicatedtheyarewillingtodisclosethereasonswhyif
Philremwouldsignafulldisclosurereleaseletter.

PhilremprocessesasdescribedbyM/sBautistaconveyedabsolutecavalierandlessezfaireattitudeswheneverybodyknowsthatinPhilippineswhenitcomesto
cashtransactions,itisanythingbut.Accordingtoher,instructionsfromRCBCwereverbalviatelcon,cashdeliveriesbymessengers.Thatmaywellbeso.Inthe
undergrounddarkbusiness,transactionsareoftenwithoutevidence.Unfulfilledobligationsendinsomedarkalleyways.Hergiggling,squirmishandgirlish
outwarddemeanorattheinquiryseemedtomemorelikeafoxthrowingcrumbstoconfusethehoundonitstrail.

ThefoxhoundtellsmethatinvestigationintothemoneylaundrypartshouldbedirectedtowardswhereitsnooseispointingPhilrem.Thatwasmyimmediate
feeling,theSenateinquiryreinforcedit.

ThisisaremittancecompanyanditseemstheydoblackmarketFXtransactions.Inthemurkyshadowmoneychangerandremittancebusiness,millionsand
millionsof$aremovedaroundtheworldunrecordedanduntracked.Theyoperateoutoflittleholesinthewallbuttheirvolumeisshocking.Thattheyhavethe
musclestodothistypeofdealsindicatesavastnetwork.AcertainWilliamSaundersmovedbillionsofpesosworthofgoldviathisconduitsome30yearsago.

WheredidtheUS$13mmcashthattheydeliveredtoWeikangXUcamefrom?ThewholepopulationofManilamoneychangerscouldhaverunoutofdollars
thosefewdays!Surelytheycouldnthavegotholdofthoseamountofcashinthosefewshortdays?Itmusthavebeenplannedsomehowbecauseitneeded
sourcing,logistics,guaranteesorbankinglines,etc.Inotherwords.COMPLICITY.

BranchManagercomplicity?:
M/sMayaSantos-Deguitoscomplicityisacertainty.Itsjustaquestionofwhethershewastakinginstructionsfromhigherupintheorganizationandifso,who.
Itisincomprehensiblethatshedidnotrealizesomethingwaswrongwiththe4remittances.HerfailedholidaytriptoJapanwithhusbandandwifecancertainly
beconstruedasaflightattempt.Whointheirpropermindwouldgoforaholidayatsuchatime?

IsMrsDeguitothesoleinsider,didshefeelconfidentshecouldpullitoffwithouthighermanagementawareness?Wewouldbeinsultingherintelligenceto
thinkthatshebelievedso.

ShehasindicatedthattopmanagementuptoCEOkneweverything,whichshelaterrecanted,sayingthatwhatshemeantwassheassumedtopmanagementis
aware.ShehasmentionedthatsheisjustasmallguyandthattheremittanceswereapprovedbyHORemittanceDeptthiswasjustablamegame,asIindicated
above,RemittanceDeptwasmerelydoingpaper-routingwork.ShehasindicatedtheCEOrecruitedherefromanotherbank2yearsago,whichwasrebuffedby
theCEOashehadnohandinpersonnelrecruitment.Thisbankheistschememayornothaveinvolvedaninsiderattheremittingbankside,butitdefinitely
requiredaninsiderattherecipientbankside.Shewasnotco-operativeintheinquirybutpledgedtotell-allinanexecutive(private)Senatehearing.

OnecriticalpointTheCCTVatthebranchconvenientlymalfunctionedFeb4.Wasthattoprotectplayerswhoobviouslyvisitedthebranch,ortoprotectthe
branchmanager?

RCBCtopmanagementcomplicity?
Withunabatedbreathweawaittheoutcomeofthevariousinvestigationsthatareongoing.Itisincredulousthatanytoplevelmanagementcouldbecomplicitin
somethinglikethis,knowingfullwellthatthefundswillbetracedtoRCBCeasily.Butthenagain,Philippinesisfullofsuchaudacities.

Thesequestionsmayprovidesometell-talesigns:

Q1.DidtheTreasuryManagerreportthehugecash,towhomandwhatwerethere-actions?

Q2.WasthereahugereconciliationitemintheUS$nostroa/concloseofbusinessFeb4?(Ifthereisnt,itmeantTreasurywasexpectingthehugeremittances
andtheyutilizedthosefunds,(suchasplaceitoutinterbankovernightwhichiswhattheywouldhavedoneordinarily)meaningsomeoneelseobviouslyknew
whatwashappening.

Q3.WhohandledtheSWIFTmessageofFeb8fromBCBinthemorningofFeb9?Whopassedthemessagetowhoandwhatwasrecipientsresponse?(Lotsof
paymentsonFeb9couldhavebeenprevented!!).Thisiswhereabigfishcouldbecaught.

AninvestigationintoFX3wouldprobablyprovidesomeanswers.

The4USa/cs:
(MichaelFrancisCruz,JessieChristopherLegrosa,EnriqueVasquez,AlfredSantosVergara).

Thesea/cswereopened1yearagoandhasbeendormanteversince.InvitationstoattendtheSenateinquirywereinvainandrevealedtheydonotresideatthe
givenaddresses.Theseareofcourseghosta/cs,theirsolepurposewastobreaktheinwardremittancesintosmalleramountstoavoidattention.

WilliamSoGocomplicity?

MrsDeguitoisacquaintedwithGowhoisacustomerofabankshepreviouslyworkedfor.Shesaidthea/copeningbyGowasdoneoutsidebankpremises,
whichbankssometimesdoforvaluedcustomers.Thisismoreanexceptionthanarule.Gohasvehementlydeniedthatthea/cwashisandthatsignatureswere
falsified.HesaidMrsDeguitometwithhimonFeb22wheresheofferedhimPhp20mtoofficiallyclosedownthea/c.Shehasdeniedthis.IthinkGoshothimself
inthefoothere.

AMLCsexplanationattheinquiryconsistentlyreferredtoGoremittedxxxUS$toPhilremwhichIthinkshewasjustreferringtoGosa/cbeingdebitedforthe
transfersout.PhilremconsistentlysaidinstructionscamefrombranchmanagerexceptforFX3whichcamefromTreasury.

Q:Ifthea/cisfictitious,whywouldMrsDeguitopleadwithGotoclosethea/c?Shecouldjustaseasilyclosedownthea/cherselfifitsafictitiousa/c.

Senateinquiry:

Thetimehascome,theWalrussaid,totalkofmanythings

ThisissotypicalofPhilippines,alltalkandnoaction.TherearesomanyinvestigationsgoingonAnti-MoneyLaunderingCommission,NationalBureauof
Investigation,RCBCandCasinos.TheinterestofthestatewouldbebetterservedtoallowAMLCtodotheirworkandcollateallinfofromtheotherinvestigations,
alloutofthepubliceyeuntilsuchtimewhentheirworkcanbepublicized.ApublicSenateinquiryservesnopurpose:

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 5/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica
ManypersonalitieswilldeclarePhilippinesversionofthe5thamendmentandclamup.
OtherscannotcontributebecauseofBankingsecrecylaws
Thisinquirywillnotendinlegislationbecausetheydonothaveenoughtime.
ItsonlybenefitwillbecrooksofallsortswhowilllearnofPhilippinesbankingprocessesandweaknesses.(Muchlikedisclosingmilitarytacticsinthe
Mamasapanoinquiry)

Ifitisinaidoflegislation,dearsenators,dothefollowing:

Passtheamendmenttotheanti-moneylaunderingacttoincludecasinos.
Whilstyouareatit,includealsoNGOs,charities,moneychangers,remittancecompanies(theseorganizationshaveoftenbeenusedtolaundermoneyas
well).
Amendthebankingsecrecyact,stopthelawfromprotectingthecrooks.

Ifitisinaidoflegislation,therewasonebrightmoment.SenatorRectonotedittookAMLCalongtimetillMar1toobtainacourtordertofreezeaccountsandhe
askedIsthereanythingwecando?.AMLCexplainedithastodowithex-parteissuestheyneededtocollectsufficientevidence.Unfortunately,thisquestion
willbeburiedbyalltheshowmanship.

PhilippineDailyInquirer:

No,No,dontworry,theyarenotcomplicit.ItsstrangethatPDIhadthescoopandbrokethestoryonFeb29.BangladeshandNYwereabletocontainthestory
pendinginvestigation,butFilipinoshaveloosetongues.ThePDIstorydidnotexplodeontheworldwasitbecausenointernationalagencyreadsPhilippines
media?ItonlybecameworldnewswhenBBCandReuterscarriedthenewsMar2or3.

Conclusion:
ThereisnodoubtM/sDeguitoisinthecenterofthestormandapossibilitytherearesomeothersinRCBCwhoareprivytoandparticipatedinthemisdeeds.In
theschemeofthings,thebranchmanagerwasdesignedtotakethefall.

WedonotknowwheretheUS850mmremittancesthattheFedsstoppedweredestined.Thatthe5paymentsthatwentthrougharrivedinSriLankaand
Philippinesisnocoincidence.Bothcountriesareweakintheiranti-moneylaunderingregulationsinasmuchascasinosarenotcovered.Bothhaveseveral
casinosoperatingintheland.

Alllawabidingcitizensactuallydonotneedbankingsecrecylegislation.Thatisbecauseallbankshaveafiduciaryrelationshipwiththeircustomers.Justlikea
doctordoesnotdivulgepatientinfo,norareporterhissource,sotooabankerhiscustomersinfo.Philippineshasabankingsecrecyactthatprotectsthecrooks.
Manyarethetimeswehavewitnessedinvestigativeofficialsrenderedinutilebybanksthatrefusetoprovidecriticalinformation.Bankingsecrecyisfine,but
whereitcomestocriminalinvestigations,thelawmustbeonthesideofthosewhoupholdthelaw.Anamendmentislongoverduetooverridebankingsecrecy
intheeventofacriminalinvestigation.Thiswillbeatoughactforalowerandupperhousefulloflegislatorswhothemselvesaretainted.Blamedwellsonthe
voterswhoputthemthere.

InPhilippinesthelegalprocessisalwaysthestumblingblock.Italwaysguaranteesthecrimebustersarrivingatthestableslongafterthehorseshavebolted.
MayorJunJunssuspensionwaseffectedafterseveralmonthsgivinghimtimetoshredalldocumentaryevidences.Inthiscase,AMLCswingintoactionthe
momentTetangcoreceivedthecallfromtheBCBpresidentontheeveningofFeb11.ItwasonlyMar1thatAMLCwasabletosecurefreezeordersfromtheCourt
ofAppeals.Bythen,oldmotherHubbarddiscoveredthecupboardwasbare.

ThereisfearthisincidentmayleadtoPhilippinesbeingputbackontheTAFTgraylistagain.BanksallovertheworldmaynotwanttodealwithPhilippines
remittancecompaniesiftheyarenotlinkedwithforeignbanks.TherepercussionisincreasedcostforremittancesbyOFWs.Strangethatthisimmediateimpact
possibilityisquicktodrawtheireofOFWassociations,butvotinginthewrongcandidatesthatmaydamagePhilippinesincreditagencyratingswithwider
implicationsforthecountrydonotresonatewiththesamesegmentofthepopulation.

Bankheistandmoneylaunderingsyndicatesareabreedofextremelyintelligentcriminals.Weneedtoworkontheex-parteproceedings.Thewarislostif
judgesarenotpreparedtowakeupinthemiddleofthenightintheirpajamastosignsearchorarrestwarrantsorfreezeorders,onthebasisoftheir
prosecutorsjudgmentandrecommendationthattimeisofessence,butinsteadprefertodwellonlegaldecorums,onevidencesorotherproofsorwitnessesor
authenticdocumentsoraffidavits,orpropernotarization.

Greattrainrobberswillknowthisisagoodplacetobe.

(Note:ThisarticlewasupdatedtoincorporatenewinfooutoftheSenateinquiryMar15.AlotofnumberswerefloatinginthesenatehallandImsureallthose
tunedinwouldhavegotlostinthosenumbers,particularlyitsrelationshiptoFXconversion.Isortedthroughthenumberstopresentameaningfulpictureofthe
moneytrail).

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Comments

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 6/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica
496ResponsestoTheGreatBangladeshCentralBankHeist

1. LCpl_X(@LCpl_X)says:
March18,2016at6:26am

Awesome,justAWESOME,article,chempo.Thanks!!!

Thatthe5paymentsthatwentthrougharrivedinSriLankaandPhilippinesisnocoincidence.Bothcountriesareweakintheiranti-moneylaundering
regulationsinasmuchascasinosarenotcovered.Bothhaveseveralcasinosoperatingintheland.

IheardKoreanandJapanesesyndicatesrunthecasinosoverthere,sotheseforeigncriminalenterprise,Iassume,activelylobby(readbribe)politiciansto
keepgovtmindersatbay?

Reply

karlgarciasays:
March18,2016at9:49am

accordingtoonelegislator,duringhistriptoMacau,hediscoveredthatcasinosarenotinludedintheAntimoneylaunderingact.Andhealsosaidthat
casinoslobbiednottobeincludedhere.

ItwasManilaRepresentativeAmadoBagatsing,thenchairmanoftheHouseGamesandAmusementCommittee,whoproposedtheexclusionofthe
casinosamidlobbyingbycasinooperators.

ABS-CBNNewswentthroughthetranscriptsoftheplenarydeliberationsonHouseBill6565.

DuringtheperiodofinterpellationsanddebateattheplenaryonDecember4,2012,Bagatsingsaid:Letmejustmanifestthatthisrepresentationis
thechairmanofthegamesandamusementcommittee,andthisrepresentationthroughthiscommitteewasgivenapositionpaperbythegaming
industrywheretheywouldlikethisrepresentationtopropoundtheiranxieties,theirfears,sothattheirfearswillbeproperlyaddressed.

BagatsingtoldtheplenarythatinatriptoMacau,hediscoveredthatMacauscasinosarenotcoveredbyanti-moneylaunderinglaws.

LetmerephraseorletmestatethekindofquestionIaskedofthisbigoperator.Iaskedthem:Howistheanti-moneylaunderingactdoingherein
Macau?Igotthebiggestsurpriseofmylifewheninjestthepersonanswered:WhatAMLA?Inotherwords,angtanongkosakanilaanobaang
pangyayariditosaAMLAditosainyo,saMacau.Atangsagotsaakin,anongAMLA?

Arethesecountriesseriouslyfollowingwhatisbeingagreedupon?

BagatsingalsotoldtheplenarythatthecasinoshadapositionpaperquestioningtheproposedinclusionofthecasinosintheAMLAcoverage.

http://news.abs-cbn.com/nation/03/02/16/casinos-lobbied-for-exclusion-from-amla

Reply

LCpl_X(@LCpl_X)says:
March19,2016at3:39am

karl,

HowdthisAMLAthingcomeabout?WasthispurelytoobligeAmericanand1stWorldinterests,orwasthisgeneratedlocallyoverthere?This
looksmorelikesomethingpost-9/11totargetterrorists,hencezerofocusoneconomicfreezonesandcasinos.AmIright?

manuelbuencaminosays:
March18,2016at11:22pm
(4)FunnyhowJPE,inthefirsthearing,triedtodelinkcasinostomoneylaundering.Hekeptasking,couldthishavebeenpreventedif
casinoswereincludedintheAMLA?Hekeptrepeatingthatitshouldhavebeenstoppedbythebanks.ThankfullytheAMLAlady
showedexactlywhythewholethingbecameattractivepreciselybecausecasinoswerenotcovered.JPEchangedtopicafterthat.

InthesecondhearingJPEaskedwhoKimWongwas.DidntheknowthatKimWongisalicensedcasino-hoteloperatorintheCagayan
SpecialEconomicZoneandreportedlyalsoownlicensestooperateonlinegamblingoutofCSEZ.

CSEZcanissuegamblingorgaminglicenses.BeforeCSEZcameintoexistence,onlyPagcorcouldissuegaminglicenses.

Onlinegamingoverhereisnowunderthemicroscope,moreontaxationthanpolicing,whataretheonlinegaminglawsoverthere?I
rememberthisCSEZinvolvedincarandothersmugglingactivities-isthisstillano-mansland?

Reply

karlgarciasays:
March19,2016at7:38am

OnthetimelinelayeddownbyIrineobyyear2000,wewerealreadyblacklistedbytheFATF,
SotheAMLAlawof2001wasexpeditedIthink.

Reply

HarryTansays:
March18,2016at2:28pm

Thegravity,impactandimplicationofthisincidentcannotbediscountedbecausetheintegrityofthePhilippinefinancialsystemisatstakehere.The
actors(FRBNY,BCB,etc.)aremultinational.Andthis,ofcourse,hasrippledalreadytotheglobalscene.

DousproudAMLC,BSP,DOJ/NBI/PNPand,ohhmy,dearSenateonhowyouwoulduntanglethisinternationalcyberheistknot.The100+million
Filipinosarewatchingandsoarethebillioneyeballsintheworldeconomy.Hopefullyafterthedustssettled,thePhilippinefinancialinstitutionsare

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 7/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica
strengthenedandrenewed/increasedtrustdawnsonourbanksandquasi-banks.

(Thankyouforthissuperbarticle,Chempo!)

Reply

IrineoB.R.Salazarsays:
March18,2016at2:54pm

YessomestuffIhavefoundoutgooglingifthereareinaccuraciespleaseletmeknowasthisisatotallynewtopicformeandmygoalisto
increaseourknowledgeofthesubject:

1974:banksecrecyintroducedbyMarcosseemshewantedtoattractmoney.

1990:FATFisfoundedinParis(FinancialActionTaskForce)

2000:https://en.wikipedia.org/wiki/FATF_blacklistsaythePhilippinesisintheJune2000report.

2001:RA9160ispassed(anti-moneylaunderingact)Ihaveseenduringquickgoogling/browsingthatJoseVelardecasemayhaveplayeda
role..DeliaRajasalso?

2003:IhavefoundthattherewereimprovementsbuttheactIhavenotfoundyet.

2013:AquinosignsafurtherlawbasedonFATFpressure,evadingblacklistforthe3rdtime
http://www.philstar.com/headlines/2013/02/24/912472/phl-evades-fatf-blacklistRA10168ismentionedhere.

RA10365isalsowhatIfindgoogling.Stillputtingstufftogetherthisarepreliminaryfindings.

Reply

HarryTansays:
March18,2016at3:19pm

Hehe.Nicehistoricalstuffyoudugupfrombinginggoogle,sirIrineo.

LikesyourMcArthurblogseries,bytheway.DebunkssomeofmyfalsenotionsaboutGen.McArthurandincreasedmyinsightsofPhlin
WW2.

Reply

IrineoB.R.Salazarsays:
March18,2016at11:15pm

ThanksforthelikefortheexcellentMcArthurseriesBillinOzwastheauthor.

Reply

karlgarciasays:
March18,2016at6:35pm

ra9194

Reply

karlgarciasays:
March18,2016at6:37pm

ra10167

Reply

IrineoB.R.Salazarsays:
March19,2016at2:16am

http://www.sec.gov.ph/amlc/irr/Revised%20IRR%20of%20R.A.%209160.pdfAMLCIRRs.

Reply

IrineoB.R.Salazarsays:
March19,2016at2:18am

http://de.scribd.com/doc/218050809/Ra-9160-As-Amended-by-Ra-9194-Ra-10167-Ra-10365-Amla#scribd

IrineoB.R.Salazarsays:
March19,2016at2:21am

http://www.philstar.com/business/2013/04/05/926993/amla-amendments-take-effect-month

AMLAamendmentstotakeeffectthismonth

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 8/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica
ByPrinzP.Magtulis(ThePhilippineStar)|UpdatedApril5,201312:00am

MANILA,PhilippinesAmendmentstothedirtymoneylawwhichexpandeditscoveredinstitutionsandcrimesare
settotakeeffectthismonth.

RepublicAct(RA)10365,whichamendedcertainprovisionsoftheAnti-MoneyLaunderingAct(AMLA)of2001,was
signedintolawbyPresidentAquinolastFeb.15.Thelawwilltakeeffect15daysafterpublicationinanewspaperorby
April19.

ItwasamongthemeasuresenactedforthePhilippinestoavoidgettingblacklistedbytheFinancialActionTaskForce
(FATF),aglobalanti-moneylaunderingwatchdog.

Sincethen,FATFhaskeptthePhilippinesunderitsgreylist,whichsignifiedcommitmenttopassreforms.Being
blacklistedwouldhavemeanthigherfinancialtransactioncosts,especiallyforFilipinosabroad.

TheParis-basedFATFhasscheduledanon-sitevisittoinspectifAMLAreformsarebeingimplementedaccordingly.A
totalofthreelaws-includingRA10365havebeenpassedtoaddressFATFconcerns.

UnderRA10365,foreignexchangecorporations,moneychangers,pre-needandinsurancecompanieswereincludedin
coveredfirmsrequiredtoreporttransactionsofP500,000andabovetotheAnti-MoneyLaunderingCouncil(AMLC).

IrineoB.R.Salazarsays:
March19,2016at2:27am

http://www.senate.gov.ph/publications/updates%20on%20the%20implementation%20of%20laws%20%28as%20of%20july%2010,%

R.A.No.10167ANACTTOFURTHERSTRENGTHENTHEANTI-MONEYLAUNDERINGLAW,AMENDINGFORTHE
PURPOSESECTIONS10AND11OFREPUBLICACTNO.9160,OTHERWISEKNOWNASTHEANTI-MONEYLAUNDERING
ACTOF2001,ASAMENDED,ANDFOROTHERPURPOSES(S.NO.4Features:Status:3009/H.NO.4275)

(SignedIntoLawJUNE18,2012)

ThislawallowstheCourtofAppealstoissueafreezeorderonamonetaryinstrumentorpropertyuponverifiedex
partepetitionbytheAnti-MoneyLaunderingCouncil(AMLC)andafterdeterminationofprobablecause.Thefreeze
ordershallbeforaperiodof20daysunlessextendedbythecourt.Thecourtshouldactonthepetitionwithin24hours
uponfiling.Apersonwhoseaccounthasbeenfrozenmayfileamotiontoliftthefreezeorder,andthecourtmust
resolvethismotionbeforetheendofthe20-dayperiod.OnlytheSupremeCourtmayissueatemporaryrestraining
orderorawritofinjunctionagainstanyfreezeorder.

RA10167alsoallowstheAMLCtoinquireintoorexamineanyparticulardepositorinvestmentuponorderofany
competentcourtsubjecttocertainqualifications.

TheCourtofAppealsshallactontheapplicationtoinquireintoorexamineanydepositorinvestmentwithanybanking
(orrelated)institutionwithin24hoursfromfilingoftheapplication.

question:whydidittakefromFebruary11toMarch1togetthefreezeorder?

chemposays:
March18,2016at5:04pm

ThanksLance.
DontknowaboutKoreansnJaps,butIwonderdidTrumpdoanythingsimilar?

Reply

LCpl_X(@LCpl_X)says:
March18,2016at11:23pm

Imstillreading,andre-readingthispiece,chempo,Ifinallyendedupprintingitout,soIcanbringitaroundwithmetoperuseover.

TrumpsonrecordoverherewhiningabouthoweveryyearhesauditedbytheIRS,soImprettysurehesclean.Itspublicknowledgehes
donebusinesswiththemob,butthemobispervasiveintheEastcoast.

ThecasinosIdbeconcernedwitharenotthoseownedbycorporations,butIndiantribes.ButIthinkthoseguysareprettymuchrunby
corporations,ie.outsourcedbyIndiantribes,NativeIndiansjustsitbackandenjoythefruitsoftheirland(notsure).

Whenitcomestomoneylaunderingoverhere,itstheMexicangroceriesandfastfoodchainsthatareofconcern.Mysteriouslytheyseemtobe
doublyprofitable,butmostimportantlytheycutcost(manytimesbetterdealsthanWal-mart),drivinglegitcompetitionaway.

Somoneylaunderingisabigconcernhereaswell.AndwithMexicofastbecomingNigeria(drugcartelsnowintogas/oiltheft),DonaldTrumps
wallissoundingmightyreasonable.

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 9/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica

Reply

chemposays:
March19,2016at11:43am

WowLance,youreallyprintithuh?DontknowifJoehasanyprintingpolicies,jokelang.

FastfoodchainsintomoneylaunderingImsureyoudontmeanMcdonalds,KFCsandallthosebignames,butratherthesmall
Mexicantypes.IcanseeyourpointonMexicangrocs,etc..Withallthosedrugcomingfromsouthoftheborder,yamoneylaundering
sureseemsabigbigproblem.

Reply

josephinel.macuhasays:
March20,2016at10:53am

onourwaytoaCorregidortour,thetourguidewasbeingfunnyandsaidthatifyouwantWW111toeruptyoushouldputKoreansand
Japanesetogether.Heisjustbeingfunny.Iwonderwhyisthat.Iamnotsohistorysavvy.

Reply

sonnysays:
March20,2016at11:14am

MsMacuha,thereisaverystronglove-haterelationshipbetweenKoreansandJapanese.Lessoflove.Yetbothareethnicallyrelated.

Reply

R.Hirosays:
March20,2016at11:44am

JapanbrutallycolonizedKoreawaybackwhenPrimordialreasonwhytheSouthdevelopedquicklywastocatchupwithJapans
developmentafterthewar.QuiteanumberofKoreansworetheJapaneseuniformandfoughtwiththemagainstthePhilippines
righthere.

Reply

LCpl_X(@LCpl_X)says:
March19,2016at3:26am

Itismybeliefthereisahighprobabilitythattherewasnohackingbutaninsidejob.Anothergive-awayofemployeecomplicityisthe
paymentsmadereferencestoactualongoinginfrastructureprojectsinthecountry.

chemp,

WhatrethechancesofFilipinomanagersworkinginsideBangladeshCentralBank(orintheirITstaff)?

Reply

edgarloressays:
March19,2016at5:46am

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 10/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica
*******
LCpl_X,YouarebeginningtosoundlikeMRP.Iresentthat.
*****

Reply

LCpl_X(@LCpl_X)says:
March19,2016at5:47am

Wereallsleuthinghere,edgar.Everypossibilityshouldbeconsidered.IftheresaFilipino-connectionthentheresaFilipino-
connection,ifnot,not.

Reply

edgarloressays:
March19,2016at5:59am

******
Fuckyou.Youarebeingracist.
*****

Reply

LCpl_X(@LCpl_X)says:
March19,2016at6:12am

IfchempostatesthatCentralBanksdonthirenon-nationals(ie.,Filipinos)thenIllrestmycase,butthequestionneedstobe
posed,anditsnotracisttochasedownleads,ie.askquestions.

Reply

edgarloressays:
March19,2016at6:18am

*******
No,thequestiondoesnotneedtobeposed?Whereareyourmanners?
*****

LCpl_X(@LCpl_X)says:
March19,2016at6:33am

Whereareyours?Itsafairquestion,edgar.Yourebeingemotional.Idontknowwhy.

edgarloressays:
March19,2016at7:23am

*******
LCpl_X,

Ofcourse,Iambeingemotional.AndIfyoudonotunderstandwhyletmeexplain.

Thisisacross-culturalblogmainlyaboutthePhilippines.YoucomeasaguestasIdo.

WhileJoeAmistheownerofthehouse,hehasmadeitplainthathelovesthecountryand,toacertainextent,has
adopteditashisown.

Soincertainrespects,ifnotmanyrespects,thisisaFilipinohousenay,aFilipinohome.

Thenhereyoucomeinandyouask,AreFilipinosemployedbytheCentralBankofBangladesh?

Whatistheimplicationofyourquestion?

Tome,theimplicationisthatyouthinkFilipinosemployedinBangladeshareincahootswithFilipinosinthe
Philippines.

Tome,asanationalist,theimplicationisthatyouthinkallFilipinosarecrooks.

Doyougetthat?Doyouunderstand?

YoucomeintoaFilipinohomewithmostlyFilipinoguestsandineffectyousay,Youareallcriminals,scumofthe
earth.

IgaveyouawarningwhenIsaidIresentedyourquestion.Youchosetoignoremywarning.Itshouldhavesetoffalarm
bellsinyoursystem.

Didyouthinkevenbeforeyouposedthequestion?Itdoesnotrequireanastuteananalystaschempotoanswerthe
question:wouldthecentralbankofacountryhirenon-nationalstorunitsprimaryfinancialfacility?

Didnotthethoughtenteryourmind?

Somyadvicewouldbeforyoutothinkfirstbeforeopeningyourmouthorhittingthekeysonthekeyboard.

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 11/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica
YouaresoimpulsivehereasoverthereonthematterofJimParedes.
*****

JoeAmericasays:
March19,2016at7:23am

IdothinktheideathatifacrimewascommittedandmoneycametothePhilippines,weoughttosurmiseaFilipinois
probablybehindthecrimeisabitoffensive.Therearealotofcrooksaroundtheworld,andtherearealotofhonest
Filipinos.Whytheneedtojudgebeforethefactsareout?Justwaitforthefacts.

LCpl_X(@LCpl_X)says:
March19,2016at11:10am

Whytheneedtojudgebeforethefactsareout?Justwaitforthefacts.

Joe,

Butwereplayingdetectiveshere,itswhatwevealwaysdone,andhaveenjoyedeveryonesperspectivessince,whyis
thissuddenlyoffensive?Unlessedgarsabankmanagerworkingforaforeignbank,thisshouldvebeenjustanother
day,withusbrainstormingangles.Right?

LCpl_X(@LCpl_X)says:
March19,2016at11:16am

Youareallcriminals,scumoftheearth.

Notevenclosetomyquestion,edgar.Asforoffense,Ithinklookingtobeoffendedandsayingsomethingtruly
offensive,aretwodifferentthings.Hereyourelookingtobeoffended.Youreloadingmyquestion,withyourown
baggage.

ArentyouevenasmidgecuriousifthereareFilipinosworkingintheBCB?Andifthethoughtenteredyourmind,are
youseriouslygoingtotakeoffense(atyourself)?Cmon.Againitsafairquestion,endofstory.

JimParedesontheotherthread,Imstillgametocontinuethough,ifyouregame.

edgarloressays:
March19,2016at11:25am

*******
Mylastwordonthis:youfailedtoapplyOccamsrazor.
*****

mercedessantossays:
March19,2016at6:48am

CoolitEdgar,theresaslightdentoftruthinwhatthismilitarissaying.Firstpeoplehavebeentaughtwellbytheirmasters

Reply

LCpl_X(@LCpl_X)says:
March19,2016at7:09am

theresaslightdentoftruthinwhatthismilitarissaying.

Thanks,mercedes!Exactly,ImnotsayinganythingFilipinosarentalreadythinking.

edgarloressays:
March19,2016at7:26am

*******
Sorry,Mercedes,ithinkyouarewronghereandIamevensorrierthatyouwouldsidewithLCpl-Xonthismatter.
*****

JoeAmericasays:
March19,2016at7:29am

IdontthinkFilipinosarethinkingthat.Ithinkmostwouldbeoffendedattheratherunkindprejudgment.

JoeAmericasays:

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 12/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica
March19,2016at7:32am

Itremindsmeoftheold50sAmericanrhetoricthatallblacksaresex-madandallMexicansarelazy.AllFilipinosare
crooks.Itisdiscriminatory.IthinkthatisthereasonforEdgarsharshreaction.

LCpl_X(@LCpl_X)says:
March19,2016at11:05am

Itremindsmeoftheold50sAmericanrhetoricthatallblacksaresex-madandallMexicansarelazy.All
Filipinosarecrooks.

Joe,

IdidntsayAllFilipinosarecrooks,yourelevelingracialprofilingonme,whenIwasdoingcriminalprofiling,ie.ifthe
criminalsinthePhilippinesinvolvedwereFilipinos(Chinese-Filipinos,orotherwise)thatthereisalikelihoodthatthe
insider/sinBangladeshmayalsobeFilipinoshowmanyFilipinobankmanagersworkforforeignbanks?

MaryGraceP.gonzalessays:
March19,2016at12:16pm

LCpl_X

YoudidsoundlikeMRPbackthere.Amasnationalistassiredgar,pleasedontletMRPspersistentdowngradingofhis
formercountrymenruboffonyou,youdidremarkedthathesyourherohere.Joesright.multinationalhackersare
outthere,tosingleoutFilipinosinyourquestionisoffensiveandunfair.ThatspartofthereasonwhywhenIdont
havethatmuchtimetorebutMRP,Ijustskiphisrantagainstusbyscrollingdown,down,downhehaslotsofthose
rantssometimes.

WithMRP,youandOmardoIthinkitsFilipinobashingtime?

Otherthanthat,Iappreciateyourarticlesandcommentshere.

LCpl_X(@LCpl_X)says:
March19,2016at2:24pm

Mary,

Thanks.

reMRP,theguyisusingsatireandparody.InmymindbothheandWilareonthesameplane.Hesfunnyashell,
becausetherestruth.Remembermybiggestdetractorhereismercedes,withheron-linersthefactthatshesnot
offended(shesbeenoffendedwitheverythingelse)issomething.

MaryGraceP.gonzalessays:
March19,2016at7:38pm

RemyFilipinobashingtimeremarkabove,IneedtoclearOmaronthelist..Iapologize..myspeedreadingtechnique
failedonmethere..Ithinkitstimeformetousemyeyeglass,somethingIkeeppostponing.Againmyapology.

MaryGraceP.gonzalessays:
March19,2016at7:45pm

Yourewelcome.

WillandMRPonthesameplane?Hardly.Willscommentsareoozingwithpositiveness,loveandtolerance.

omarmillarsays:
March19,2016at8:52pm

iwouldassumeyouarereferringtomeMaryGrace.Apologyaccepted.Allinadayswork.

LCpl_X(@LCpl_X)says:
March19,2016at11:45pm

WillandMRPonthesameplane?

Mary,

Sameplane,justdifferentendsinthatbothuseemotionsfirst,thenreason,tomaketheirpoints(likeinfected
packets).

JoeAmericasays:
https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 13/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica
March19,2016at5:47am

Highlyunlikely.WordcomingoutofBangladeshisthatitisaninsidejob,aschempodeduced,andinfofromthePhilippinesisthatWong
appearstobethemastermindinthePhilippineshenanigans.Thebranchmanagerwasatool.

Reply

chemposays:
March19,2016at12:01pm

Guys,ImcertainLancedontmeanitasanaffront,seeinghissensiblecontributionshere.Itmaynotbepoliticallycorrect,butbluntstraight
talkingAmericanstylesometimesdorubwhilstitisnottheintention.Iliketothinkweareallabovethat.

Astothequestion,Bangladeshisapoorcountrywithlowlevelsalaries,IdontthinksmartFilipinoITorbankingexecutiveswouldgothere,
andlowlevelclericalstaffisdifinitelyoutofthequestion.

Ifhackerswereinvolved,IthinkitwouldbetheRussianorChinesetypesbecauseitisnotyourusualbankhackinggenre.Sorry,dontmeanto
putdownFilipinohackingcapabilities,itsjustthatIthinktheorganisationalpartissomethingthatRussiansandChinesehave.

Reply

LCpl_X(@LCpl_X)says:
March19,2016at2:27pm

chempo,Thanks.

FilipinoscanbefoundinAfrica,andthroughoutSEAsia,andtheMid-East,sotheresstillthatchance.ButIllgowithyourtakeonthis.

Reply

EdgarLoressays:
March19,2016at2:46pm

*******
Stillachance,hey?Theresthatunderhandedsmearagain.
*****

Reply

LCpl_X(@LCpl_X)says:
March19,2016at2:55pm

Isaid,stillthatchancethataFilipino(s)iscomplicit,basedonthefactthatFilipinosmakeuptheworldsbureaucrats
(alongwithIndians)..Basically,IhaveatheoryandImstickingtoit,edgar(withnomaliceaforethought).Callitahunch.

Reply

edgarloressays:
March19,2016at3:07pm

*******
Didyoureadthearticle?Ofcourse,atleastoneFilipinoiscomplicitDeguito.
*****

LCpl_X(@LCpl_X)says:
March19,2016at3:08pm

ImtalkingaboutinBangladesh,edgar.

edgarloressays:
March19,2016at3:20pm

LCpl_X,

Youkeepqualifyingyouranswers.

Explainthistome.OntheJimParedesissue,youmaintainthatloveoffamilyandloveofcountryshouldbecongruent.
AndyoudenyyouslanderJimParedesalthoughitsonrecord.

Hereonthisheistissue,whenIexhibitloveofcountryandcountrymenbyobjectingtoyourwholesalepresumption
thatFilipinosarebehindthis,youdescribemyreactionasbaggage.

So,whichiswhich?Isloveofcountrybaggage?

Thereisnoconsistencyintheprinciplesuponwhichyourestyourarguments.
*****

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 14/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica

LCpl_X(@LCpl_X)says:
March19,2016at3:27pm

edgar,

Letsnotbringloveofcountryhere,thisisapersonalissueforyou(evidence:mercedesstatement,ie.
INTERPRETATION).

Asfortheheist,whencriminalgroupstakeonascore,theyreusuallyconnectedculturally,sharedexperience,same
neighborhood,samecellblock,etc.Adiversecriminalgroup(ie.Bangladeshi,Chinese,SriLankan,Filipino,Russian,
etc.)ispossible,butmymoneysonsamenationality.Again,notmeanttooffend,justahunch.

edgarloressays:
March19,2016at3:31pm

********
LCpl_X,

Ifyouarenotabletoanswermyquestions,sayso.DonthidebehindMercedesskirts.

Butenoughalready.
*****

LCpl_X(@LCpl_X)says:
March19,2016at3:32pm

Iansweredit.Iansweredslander(backinsaidthread).IansweredwhyIthoughtaFilipinowouldbeinvolved.All
answered.

LCpl_X(@LCpl_X)says:
March19,2016at11:50pm

AGAIN.NotsneeringatFilipinos(youjustadmittedprideatthethoughtofFilipinoinvolvementintheheist,
hypocrisy?sooffensehereisarbitrary,butyoudontmindthat),butinterpretationsdiffer(evidence:mercedes),to
eachhisown,soyoureentitledtoyouropinion,edgar(noharm,nofoul,dulynoted,noapologiesfrommyend,slate
cleaned).

EdgarLoressays:
March20,2016at2:40am

*******
LCpl_X,

SlateisNOTcleaned.Youposedathoughtlessandtactlessquestion.

Andrememberyourunderhandedsmear?Thatshowedrealprejudice.
*****

LCpl_X(@LCpl_X)says:
March20,2016at2:57am

Again,edgar,thatsaccordingtoyou.Henceitsapersonalthing.Letsreturntobeingreasonable,Ilikethatedgaralot
better.

edgarloressays:
March20,2016at3:02am

*******
LCpl_X,

Whatyoudidwaspureandsimpleracialprofiling.
*****

LCpl_X(@LCpl_X)says:
March20,2016at3:06am

Itscriminalprofiling,andIexplainedwhyitscriminalprofiling.WillyoualsotakeoffenseatthefactthatImnow
interestedintheINCangleofallthis,aspermanuelbuencaminospostbelow?Whyorwhynot?Ifno,Whatsthediff?

Again,yourelookingtobeoffended,sosomeintrospectionisinorderonyourside,notmine,edgar(Ivebeen
consistent,thisisaberrationforyou).

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 15/16
7/18/2016 TheGreatBangladeshCentralBankHeist|TheSocietyofHonorbyJoeAmerica

edgarloressays:
March20,2016at3:16am

*******
Thecriminalprofilingisracial!Exactlymypoint.

No,IamnotoffendedbyyourINCangle,asIdoamnotone.Itdependsonyourpresumptionsandwhatyousay.Justbe
careful.ThereareINCcommentersinthisblog.
*****

chemposays:
March19,2016at3:54pm

IntheinterestoftheOriginalQuestion,IrineolinkedwaybelowaBloombergreportthatpointtohacking.SeemstheSWIFTserved
wasconnectedtocorporatenetworkafterall.Theforensicsluethssaidthisisahighlevelhackinggrouptheyhavebeentracking
forsometime.AveryorganisedcriminalhackinggroupsodefiniteyRussianorChinese.

NoFilipinosinvolved,sothediscussionismoot.

Reply

LCpl_X(@LCpl_X)says:
March19,2016at4:06pm

Iblameyouforthis,chempo!j/k

Itismybeliefthereisahighprobabilitythattherewasnohackingbutaninsidejob.Anothergive-awayofemployee
complicityisthepaymentsmadereferencestoactualongoinginfrastructureprojectsinthecountry.

Thanks!

Theforensicsluethssaidthisisahighlevelhackinggrouptheyhavebeentrackingforsometime.

SoifIsaid,Filipinosweredefinitelyinvolvedsincethiswasahigh-levelhackinggroup,thatwouldbeconstruedasflattery,
andnotoffense?j/k,guys.

Thanksforthetit-for-tat,edgar.

Reply

edgarloressays:
March19,2016at4:11pm

*******
LCpl_X.Denada.Muchasgraciasacambio.
*****

edgarloressays:
March19,2016at5:33pm

*******
LCpl_X,

And,oh,ifyouwanttocontinuesneeringatFilipinosthereisaGetRealPhilippines(GRP)websiteyoucanjoin.
*****

LCpl_X(@LCpl_X)says:
March20,2016at12:04am

oooppsmyreplyendedupabovechempos(weird).

edgarloressays:
March19,2016at4:10pm

*******
Chempo,thanks.Actually,IwasgoingtobeperverselyproudifthesuspicionsaboutFilipinomastermindingwasborneout.
Thiswouldhavebeenthebiggestbankheistinallhistory.(CentralBankofIraq2003$920M?)
*****

Reply

https://joeam.com/2016/03/18/thegreatbangladeshcentralbankheist/ 16/16