MAS bans DBS from new business ventures for 6 months after multiple 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 . DBS currently has an additional capital requirement of about $1.6 billion, which MAS imposed in May. This followed a disruption to the bank's digital banking and ATM services on May 5, which was preceded by a widespread disruption on March 29.

"In the meantime, it is possible that disruptions may still occur. In such situations, MAS expects DBS Bank to promptly recover its services and communicate to its customers in a clear and timely manner," MAS said.

 

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المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

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