New York Fed defends fund transfer after Bangladesh heist

(Reuters) – The Federal Reserve Bank of New York is standing by its procedures for wiring funds after facing scrutiny in the wake of the $81 million cyber heist at the Bangladesh central bank, a letter released by a congresswoman on Friday showed. The New York Fed was responding to criticism lobbed by U.S. Representative Carolyn Maloney, who had called for a probe of the fund transfers triggered by the February cyber attack on Bangladesh Bank. Criminals tried to withdraw $951 million from Bangladesh Bank's U.S. bank account in what ranked as one of the largest cyber heists in history.

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