Pan Asia Bank lauded for preventing historic heist

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By 2017-07-18

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Pan Asia Banking Corporation PLC, Sri Lanka's fastest growing commercial bank last week received praise from the top most official of Bangladesh Central Bank for the foremost role the bank played in preventing what could have been the biggest bank robbery in the history of the world.

In February 2016, unidentified hackers breached Bangladesh Bank's systems and stole its credentials for payment transfers. The hackers had then bombarded the Federal Reserve Bank of New......York with nearly three dozen requests to move money from Bangladesh Bank's account held at the Fed to entities in the Philippines and Sri Lanka.

While four such requests by the hackers to transfer a total of US $ 81 million to Philippines went through, the fifth amounting to US $ 20 million sent to Shalika Foundation – a Non-Governmental Organization (NGO) - through Pan Asia Bank was held up due to the extreme caution maintained by the latter at all times, as the nature of the transaction was suspicious.
Pan Asia Bank then alerted the necessary authorities about the suspicious fund transfer which turned out to be part of a bigger hacking involving the Bangladesh Central Bank.

This extreme vigilance enabled Pan Asia Bank to prevent a nearly US $ 1.0 billion in transfers to different parts of the world by these hackers using moneys belonging to the Bangladesh Central Bank and the New York Fed last year.
In appreciation of this central role played by Pan Asia Bank, Bangladesh Bank Governor Fazle Kabir who was in Sri Lanka last week met with Pan Asia Bank's Chief Executive Officer Nimal Tillekeratne at the Central Bank to commend the bank and its employees for their role which helped them to uncover a web of similar hacks involving its central bank.

Pan Asia Bank will continue to play its national role as a responsible bank by being on alert at all times to ensure that suspicious transactions carried out at the expense of national interests are reported and brought to the attention of the enforcement agencies.
Further as the custodian of the hard earned monies of the people, Pan Asia Bank always takes the utmost care when handling money and ensures that no activity which could compromise the safety of the money of its customers is condoned.

For this purpose, the bank continuously invests on training and development of its highly skilled staff, updates its systems to their latest versions and streamlines its processes.



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