Bangladesh Bank Heist (02:46)
Journalist Andrew Wilson reports from Dhaka. In February 2016, malware collected passwords and user names. Hackers generated requests to transfer money via the SWIFT system to New York's Federal Reserve; nearly $81 million were sent to RCBC in the Philippines.
Security Compromise (04:16)
Former governor Atiur Rahman explains why he resigned following the Bangladesh Bank heist. Dhaka police are working with authorities in an international investigation, and are considering bank insiders. A private security firm explains the hacking strategy used.
Hacking Destination (02:25)
The Philippines' banking sector operates under strict secrecy laws. Thieves transferred Bangladesh Bank funds via the Federal Reserve to accounts opened with fake IDs at Manila's RCBC. Cash was funneled through casinos.
RCBC Investigation (05:47)
Branch manager Maia Deguito opened accounts for Manila casino owner Kim Wong. Her lawyer says she was ignorant of wrongdoing but RBCB lawyers believe she was an accomplice. Authorities will charge her with money laundering. She lacks witness protection.
Money Laundering Investigation (01:35)
Upon leaving RCBC, money went through remittance company PhilRem to Solaire, Wong's casino. The Philippines Anti-Money Laundering Committee filed criminal complaints against Deguito, Wong, and PhilRem owners. The Philippines Justice Department is only pursuing Deguito.
Philippines' Banking Secrecy (02:24)
Privacy laws are a challenge for senate investigators attempting to track the Bangladesh Bank's money. Nearly $15 million has been recovered from Wong. PhilRem denies holding $17 million; $50 million are in casinos and have been used for gambling junkets.
Anti-Money Laundering Loophole (03:19)
Two Chinese nationals changed electronic funds into hard cash in Manila casinos, and have disappeared. Since the Bangladesh Bank heist, a Philippines Senate inquiry has resulted in new laws making it harder for stolen money to enter the system.
Macau Casino Junkets (02:54)
Chinese authorities have cracked down on Macau corruption. Chinese gamblers borrow money from Manila operators to avoid domestic currency regulations enacted to stop officials from betting embezzled money abroad.
New York Fed Involvement (04:49)
Hear why the bank flagged most Bangladesh Bank transfer requests as suspicious. Those completed came via the SWIFT network; hackers had compromised SWIFT in the Dhaka office. The Fed expressed appropriate security concerns, when learning about the heist.
Cyber Security Concerns (02:50)
Congresswoman Carolyn Maloney discusses implications of the Bangladesh Bank heist on the global banking system. The New York Fed increased payment screening to and from foreign banks, and implemented a 24 hour hotline as a SWIFT alternative.
SWIFT System (03:31)
Headquartered in Brussels, the inter-bank communication network transmits trillions of dollars daily. Since the Bangladesh Bank heist, SWIFT has taken steps to strengthen user security. Maloney questions why institutions rely on one money transfer system.
Bangladesh Bank's Investigation (02:58)
The FBI is pursuing hackers responsible for the heist. RCBC is freezing the assets, but the Philippines justice system moves slowly. Bangladesh Bank will file a civil lawsuit against RCBC, who deny liability. Deguito will be tried for money laundering.
Pursuing the Hackers (03:09)
U.S. authorities say the digital fingerprint found at Bangladesh Bank originates in North Korea. British cyber defense firm BAE Systems says it points to Lazarus, a group responsible for a 2014 attack on Sony Pictures.
Targeting SWIFT Users (05:19)
Hackers have attacked banks in Taiwan, Russia and India using the money transfer system. In response, SWIFT is strengthening security measures among customers in financial institutions. Hackers continue to find vulnerabilities: experts call for international agreements on prosecuting cyber criminals.
Credits: Hacked: The Bangladesh Bank Heist (00:35)
Credits: Hacked: The Bangladesh Bank Heist
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