Although the causes of the March and May incidents appear distinct from each other, MAS has now required the review to cover the May incident as well.Ĥ. MAS had then directed DBS Bank to conduct a comprehensive review, including an assessment of the adequacy of management oversight, staff competencies, operational processes, system resiliency, and architecture design for its digital banking services. After the March incident, DBS Bank had convened a Special Board Committee to oversee a full review of the bank’s IT resiliency, to be performed by an independent external expert. MAS may subsequently vary the size of the multiplier depending on the outcome of ongoing reviews.ģ. The additional capital requirement on DBS Bank is now a multiplier of 1.8 times to its risk weighted assets for operational risk, an increase from the multiplier of 1.5 times that MAS applied in February 2022 following the November 2021 disruption. Together with the additional capital requirement imposed on DBS in February 2022 MAS Imposes Additional Capital Requirement on DBS Bank for Disruption of Digital Banking Services, this translates to approximately S$1.6 billion in total additional regulatory capital.Ģ. The Monetary Authority of Singapore (MAS) has imposed on DBS Bank Ltd (DBS Bank) an additional capital requirement, following the widespread unavailability of DBS Bank’s digital banking services on 29 March 2023 and a subsequent disruption to its digital banking and ATM services on.
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