SINGAPORE: The Monetary Authority of Singapore on Thursday said it has imposed an additional capital requirement of S$330 million on OCBC Bank due to"deficiencies" in the bank’s handling of SMS phishing scams in December last year.
This translates to an additional amount of about S$330 million in regulatory capital, based on reported financial statements as at Mar 31, 2022, said MAS.in the spate of phishing scams that affected 790 customers, according to OCBC Bank in an update in January.This uncovered"deficiencies ...
The additional capital requirement takes into account OCBC's efforts to strengthen its controls and its approach to resolving customer complaints following the incident, said MAS. Mr Marcus Lim, MAS' assistant managing director said: “Financial institutions have a duty to put in place robust measures to prevent, detect and respond to scams.
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