Singapore Imposes Penalties on DBS for Service Outages

The Monetary Authority of Singapore won’t allow DBS Bank to acquire new business ventures for six months, one of several penalties imposed for what the central bank described as excessive interruptions to banking services this year.

MAS said Wednesday that DBS also won’t be allowed to reduce the size of its branch and ATM networks in Singapore until authorities are satisfied with progress on a remediation plan, and cannot make any changes to IT systems except those pertaining to security, regulatory compliance and risk management for six months.