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Singapore’s MAS lifts operational pause on DBS Bank, monitors compliance

The Monetary Authority of Singapore (MAS) announced today that it will not extend the operational pause imposed on DBS Bank Ltd, which was set from November 1, 2023, to April 30, 2024. The bank had been under scrutiny to enhance its digital service resilience following several customer disruptions in 2023. Although the bank has made significant progress in its remediation efforts, improving technology risk governance and system resilience, the MAS will retain the multiplier of 1.8 times on the bank's risk-weighted assets for operational risk. MAS stated that DBS Bank must continue its remediation plans, focusing on simplifying and strengthening its systems architecture. The authority will closely monitor the bank's ongoing improvements and the effectiveness of implemented measures.


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