Philippine central bank fines Rizal Bank $21 million on cyber heist case

MANILA (Reuters) - The Philippine central bank said on Friday it will fine Rizal Commercial Banking Corp (RCBC) 1 billion pesos ($21.33 million) in relation to the Bangladesh Bank cyber heist.

The central bank said in a statement that it was the largest amount it has ever approved "as part of its supervisory enforcement actions" on a bank.

RCBC said separately that it will pay the fine over a one-year period.

RCBC was used as a conduit by cyber criminals to steal $81 million from the Bangladesh central bank's account at the Federal Reserve Bank of New York.

($1 = 46.8900 Philippine pesos)

(Reporting by Manolo Serapio Jr. and Enrico dela Cruz; Editing by Kim Coghill)