Exclusive: New York Fed asks Philippines to recover Bangladesh money

By Krishna N. Das and Serajul Quadir DHAKA (Reuters) – The Federal Reserve Bank of New York has asked the Philippines' central bank to help Bangladesh Bank recover the $81 million that was stolen by hackers in February from its account held at the Fed, boosting Dhaka's efforts to retrieve the money. In a letter sent on June 23, the New York Fed's General Counsel Thomas Baxter asked Elmore O. Capule, general counsel for the central bank of the Philippines, "to take all appropriate steps in support of Bangladesh Bank's efforts to recover and return its stolen assets." In the letter, which has been seen by Reuters, Baxter also wrote that the payment instructions that led to four money transfers to beneficiary accounts at the Manila-based Rizal Commercial Banking Corp (RCBC) were authenticated using a "commercially reasonable security procedure", but that they were issued by persons using stolen credentials.

Original story here.

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