SINGAPORE – The Monetary Authority of Singapore has said it will not extend a six-month restriction on DBS Bank’s non-essential banking activities past April 30.disruptions to the bank’s services in 2023However, Singapore’s largest bank must continue to set aside additional regulatory capital by applying a multiplier of 1.8 times to its risk-weighted assets for operational risk – a penalty imposed in May 2023 – the authority said in a statement on April 30.
On its decision to retain the capital requirement, MAS said on April 30: “The multiplier of 1.8 times will be lifted when MAS is satisfied that DBS Bank has demonstrated the ability to maintain service availability and reliability, and handle any disruptions effectively.” It added: “Improvements have been made to its technology risk governance, system resilience, change management and incident management.”
MAS said it will closely monitor DBS’ progress on the remaining deliverables and the effectiveness of the measures implemented.
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