Rizal Commercial Banking Corp. (RCBC) has shut down its remittance operations in Italy, but stressed that the closure have nothing to do with the money laundering scandal.
In a statement issued Thursday, Manny Narciso, RCBC Global Transaction Banking group head, said the closure of the bank’s remittance unit in Italy was “because it could not meet on time the computer systems capabilities required of it by Banca D’Italia since 2014.”
“The closure is not in any way related to the current issue on money laundering,” he stressed.
RCBC said the impact of the closure on operations and profitability will be minimal, since this is a relatively low margin business with high operating costs.
“Nevertheless RCBC wishes to continue serving the remittance needs of Filipinos in Italy, and we are therefore trying to find better ways to do so,” Narciso added.