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.”
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