MAS lifts penalty on DBS bank for online disruption

The penalty imposed on DBS Bankby the Monetary Authority of Singapore for the disruption to its online and banking systems in July has now been lifted.

But DBS now has to satisfy a MAS requirement to put up extra capital as buffer against operational risks.

The multiplier was at a rate of 1.2, which translated to DBS setting aside S$230 million.

The MAS said it has reviewed the measures taken by DBS to address the gaps it had highlighted.

The central bank added that as part of its ongoing supervision, it would continue to monitor the robustness of DBS bank’s operational and technology risk management frameworks.