Philippines' central bank OKs sanctions on BDO, Union Bank over 2021 breach

Bangko Sentral ng Pilipinas approved sanctions on BDO Unibank Inc. and Union Bank of the Philippines over compromised online services in December 2021.

The action ensures that both banks will swiftly address the issues that paved the way for unauthorized access to BDO accounts and the transfer of funds mostly to Union Bank accounts, according to a news release.

The central bank did not specify the sanctions, but it said it recognized the corrective actions undertaken by both banks related to the incident, including reimbursements for BDO's affected clients.