People use DBS automated teller machines in Singapore on Mar 31, 2022. SINGAPORE: The Monetary Authority of Singapore has barred DBS from any new business acquisitions for six months, in response to the bank's multiple service disruptions this year."This is to ensure that the bank dedicates the needed resources and attention to strengthen its technology risk management systems and controls," MAS announced in a media release on Wednesday .
Following the March incident, MAS had also directed DBS Bank to engage an independent third party to conduct a comprehensive review of the effectiveness and adequacy of the people, processes and technology supporting its digital banking services. "In line with MAS’ expectations, DBS Bank will hold senior management accountable for the lapses and the board will enhance its governance approach to oversee the implementation of the roadmap."MAS said it will review the progress made by DBS on its remediation efforts at the end of six months.