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

The MAS had imposed an operational risk multiplier on the bank, which meant DBS had 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.

Source: CNA