MAS Statement on the Disruption of DBS Bank's Services on Monday, 5 July 2010

MAS has informed DBS Bank's senior management that we are seriously concerned with the wide disruption of the bank's services on Monday, 5 July 2010. As soon as we were aware of the problem, we instructed DBS to conduct a thorough investigation to identify the cause of the failure as well as to ensure that adequate measures were implemented to rectify the failure and mitigate the inconvenience to customers.

We have also instructed DBS to give a full account of the incident to the public, including the actions it will take to prevent future recurrence. MAS has noted DBS' explanation for the failure and will review its investigation report on the incident. MAS will also assess the outcome of this investigation and the extent to which the bank has failed to meet the recommended standards set out in the Internet Banking and Technology Risk Management Guidelines before determining the appropriate regulatory action to take.

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