MAS imposes further penalties on Singapore’s biggest lender

Monetary Authority of Singapore
The Monetary Authority of Singapore
George Johnson

The Monetary Authority of Singapore (MAS) has imposed several restrictions on the country’s largest lender, after it experienced repeated service outages this year.

The MAS banned DBS Bank from acquiring new business ventures for six months, it said in a statement on November 1. The bank is also not allowed to reduce the size of its branch and ATM networks in Singapore until the MAS is satisfied with the progress of its remediation efforts.

It must also not make non-essential changes to its IT

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