The Bangladeshi central bank says it is working to recover about US$100 million it lost from an account at the Federal Reserve Bank of New York.
Authorities have given few details about how the money disappeared, but Bangladeshi Minister of Finance Abul Maal Abdul Muhith says authorities are considering suing the US bank over the money’s apparent transfer to accounts in the Philippines.
Muhith said the US bank has “no way to avoid their responsibility.”
In a statement on Wednesday, the New York Fed said it had not detected any hacking attempts and there was “no evidence that any Fed systems were compromised.”
“The payment instructions in question were fully authenticated... in accordance with standard authentication protocols,” the statement said.
The New York Fed said it has been working with the Bangladeshi central bank since the incident occurred “and will continue to provide assistance as appropriate.”
The central bank said it had managed to recover some of the funds, but gave no details. It has also tracked down those still missing and is working with the anti-money laundering agency in the Philippines, which has been ordered by a court in the nation to freeze the accounts while the issue is being investigated.
Bangladesh also is working with World Bank cybersecurity and forensic experts, the central bank said in a statement.
The Philippine Anti-Money Laundering Council said it was investigating and was committed to “combating money laundering and helping preserve the integrity of the financial system.”
It would not comment further.
The nation’s leading Bengali-language Prothom Alo newspaper reported on Wednesday that at least 30 transfer requests were made on Feb. 5 using the cnetral bank’s SWIFT code, out of which five succeeded in effecting transfers.
Economist Mamun Rashid, who previously headed Citibank NA in Bangladesh, said he was sure the nation would be able to recover the full amount.
“Bangladesh is a client of the Federal Reserve Bank. They must take the responsibility for this incident, but we have to see whether we have lodged our complaint properly,” Rashid said.
While hacking has been a threat for years, he said clients should not suffer if depositing with large banks.
“A client’s rights must be protected,” Rashid said.
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