MAS said it directed DBS to suspend all changes to its IT systems, except for those related to security, regulatory compliance and risk management.
The bank experienced major disruptions to its banking services on March 29, May 5, Sept 26, as well as Oct 14 and 20. The Oct 14 outage lasted 12 hours, affecting the bank's digital services and automated teller machines . MAS will review DBS' progress at the end of six months, and may extend the duration of these measures, vary the additional capital requirement currently imposed, or take further action.
MAS added that it will take up to 24 months for DBS to execute the planned changes to improve the resilience of its digital banking services.
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MAS bars DBS from new business acquisitions for 6 months after repeated banking service disruptionsDBS, Singapore’s largest lender, is also required to pause all non-essential IT changes for six months.
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