MAS slaps additional capital requirement on DBS Bank

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/02/MAS-Monetary-Authority-of-Singapore-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/02/MAS-Monetary-Authority-of-Singapore-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/02/MAS-Monetary-Authority-of-Singapore-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/02/MAS-Monetary-Authority-of-Singapore-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/02/MAS-Monetary-Authority-of-Singapore-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/02/MAS-Monetary-Authority-of-Singapore-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/02/MAS-Monetary-Authority-of-Singapore-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/02/MAS-Monetary-Authority-of-Singapore.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>The regulator highlighted that there are deficiencies in DBS Bank’s incident management and recovery procedures to restore its digital banking services to a normal state, resulting in the prolonged duration of the disruption.</p>
<p>The regulator said:</p>
<blockquote><p>MAS noted deficiencies in DBS Bank’s incident management and recovery procedures to restore its digital banking services to a normal state, resulting in the prolonged duration of the disruption.</p></blockquote>
<p><a target="_blank" href="https://www.leaprate.com/tag/mas/" rel="noopener">MAS</a> has instructed the company to appoint an independent expert to conduct a comprehensive review of the incident, including the bank’s recovery actions. The independent review will also asses how a similar incident can be prevented in future.</p>
<p><a target="_blank" href="https://www.leaprate.com/tag/dbs-bank/" rel="noopener">DBS Bank</a> must address and remedy all shortcomings identified from the review. The company is required to implement measures to ensure that any future disruption to its digital banking services is resolved quickly and adequately. Mas noted that the additional capital requirement will be reviewed when the regulator is satisfied that DBS Bank has addressed the identified shortcomings.</p>
<p>Marcus Lim, Assistant Managing Director (Banking and Insurance), MAS, said:</p>
<blockquote><p>MAS requires financial institutions to have robust controls and processes to ensure the reliability and resilience of their IT systems and the continuous delivery of essential financial services to their customers. MAS will take appropriate supervisory action against any financial institution that falls short of our regulatory expectations.</p></blockquote>
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