The Monetary Authority of Singapore (MAS) has imposed sanctions on DBS Bank, which was ordered to halt its online banking system to address the issue of online banking crashes at the beginning of 2023. Moving forward, DBS will be allowed to adjust its system and business operations as usual.
The previous system lockdown by MAS did not just enhance stability but also prevented branch closures and ATMs. Over the past 6 months, DBS has made progress in resolving issues and reducing risks at multiple levels. While the improvement process is ongoing, long-term enhancement plans are in place with clear resources allocated. Currently, DBS is instructed to maintain a penalty reserve fund 1.8 times the standard amount, which will only be lifted once MAS is satisfied with the resolution of all issues.
TLDR: MAS imposes sanctions on DBS Bank for online banking system issues, allowing adjustments after improvements are made.
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