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MAS bans DBS from new business ventures, non-essential IT changes for 6 months after disruptions

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SINGAPORE - For six months, DBS Bank will have to suspend non-essential changes to its IT systems, and will not be allowed to take on new business ventures, the Monetary Authority of Singapore (MAS) said on Wednesday (Nov 1).

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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