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| Bangladesh |
| BB officials guilty of gross negligence |
| 2016-04-22 |
| [Dhaka Tribune] In an interim report, the probe body on the Bangladesh Bank reserve heist has found gross negligence and lack of knowledge at the central bank that led to the theft of $101 million. The committee has recommended that the government undertake massive reform at the central bank, suggesting massive restructuring in terms of administrative, institutional, and technological upgrades. Former Bangladesh Bank governor Mohammed Farashuddin, who led the probe body, handed over the report to Finance Minister AMA Muhith on Wednesday evening. Both the minister and the committee have refused to comment on the findings. However, there's more than one way to stuff a chicken... sources said the probe team held bigwigs of the Forex Reserve and Treasury Management Department to be responsible for gross negligence in their duties, leading to the heist. It suggested action against the central bank officials as they did nothing when abnormalities emerged in parts of the bank’s network linked to the SWIFT system. The report said the probe had found that the bank’s staff were unaware for several months that the security software on the Real-Time Gross Settlement Systems (RTGS), which is linked with SWIFT system, had been missing. As a result, hackers injected their malware into the bank’s network and collected information from the RTGS without any barrier. Before that, the security software had also failed three times this year but the issue was ignored, the report revealed. Sources said the probe team had observed in the report that Bangladesh Bank’s Forex Reserve and Treasury Management Department officials did not realise the implications of the anomalies that had been noticed during the heist. |
| Posted by:Fred |
| #1 BB officials guilty of gross negligence Yes indeed. How can they let so many flat sided units past the quality checks? |
| Posted by: Skidmark 2016-04-22 12:17 |