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Jul 6, 2010
DBS could face MAS action
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A technical glitch in DBS' banking system caused a breakdown in its online banking services and much public confusion on Monday morning as thousands of users could not access the systems and draw money from DBS and POSBank ATMs islandwide. -- PHOTO: STOMP
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DBS could face possible action from the Monetary Authority of Singapore (MAS) over its banking systems failure on Monday, which left scores of customers and businesses fuming.
Responding to media queries, MAS suggested that supervisory action might be taken to ensure a bank's compliance to IT guidelines.
'As part of IT and operational risk management, banks are required to investigate promptly the causes of system breakdowns and take immediate measures to rectify system failures and restore customer services,' said MAS on Monday.
'Subsequent action is also required to strengthen the system and prevent future recurrence.'
It added that banks here have been issued technology risk management and computer security guidelines.
'As part of its supervision of banks, MAS assesses banks' compliance with these requirements, and will take appropriate supervisory action where necessary,' it said.
At an event on Monday night, DBS CEO Piyush Gupta told reporters that it was 'perplexing' that the safeguards had not kicked in and that the bank was conducting a full-scale investigation into the banking system failure.
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DBS could face MAS action
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<!-- story content : start -->
DBS could face possible action from the Monetary Authority of Singapore (MAS) over its banking systems failure on Monday, which left scores of customers and businesses fuming.
Responding to media queries, MAS suggested that supervisory action might be taken to ensure a bank's compliance to IT guidelines.
'As part of IT and operational risk management, banks are required to investigate promptly the causes of system breakdowns and take immediate measures to rectify system failures and restore customer services,' said MAS on Monday.
'Subsequent action is also required to strengthen the system and prevent future recurrence.'
It added that banks here have been issued technology risk management and computer security guidelines.
'As part of its supervision of banks, MAS assesses banks' compliance with these requirements, and will take appropriate supervisory action where necessary,' it said.
At an event on Monday night, DBS CEO Piyush Gupta told reporters that it was 'perplexing' that the safeguards had not kicked in and that the bank was conducting a full-scale investigation into the banking system failure.
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