Home THE DAILY EDGE Business MAS waiting for DBS probe on disruption
MAS waiting for DBS probe on disruption

Tags: DBS | DBS Bank | DBS Group | Dbs Group Holdings | MAS

Written by Reuters   
Tuesday, 13 July 2010 19:51
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Singapore’s central bank said on Tuesday it will wait for DBS Group (DBSM.SI) to complete a probe into the disruption of banking services on July 5 before determining if any regulatory action need be taken.

The Monetary Authority of Singapore said in a statement it had told DBS’s senior management it was seriously concerned about the disruption of banking services at the Singapore branches and automated teller machines at DBS and its unit, POSB, following technical problems last week.

The services were restored within a few hours.

“MAS will also assess the outcome of this investigation and the extent to which the bank has failed to meet the recommended standards set out in the Internet Banking and Technology Risk Management Guidelines before determining the appropriate regulatory action to take.”

DBS had said earlier it is conducting a full-scale investigation with its main vendor IBM (IBM.N) to determine what caused the first such major disruption for the bank.

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Last Updated on Tuesday, 13 July 2010 19:52