During the October 14 disruption attributable to a knowledge center outage, an estimated 810,000 attempts to access each digital banking platforms failed, Minister of State Alvin Tan said on Monday in response to parliamentary questions. Services weren’t fully restored until the morning of October 15.
Tan said each DBS and Citibank faced technical issues while recovering their systems, despite activating IT disaster recovery and business continuity plans. The minister said the annual testing had not uncovered specific issues that led to the delays.
Singapore Prime Minister Lee will hand over power to Lawrence Wong ‘before the following election’
Singapore Prime Minister Lee will hand over power to Lawrence Wong ‘before the following election’
The central bank also raised the utmost penalty amount to A$1 million ($740,200) next 12 months from the present A$100,000 if financial institutions fail to satisfy technology risk management requirements.
The government can even analyze the way to further strengthen the safety and resilience of knowledge centers, where lapses could have significant impacts, Tan said.
DBS provided the authorities with the so-called reports of suspicious transactions, CEO Piyush Gupta said on Monday at a conference after reporting quarterly earnings that topped estimates. Regardless of the scandal, recent funds proceed to flow into the financial center, he added.
“I don’t think flows will suffer,” Gupta said.
An investigation is underway to find out whether the defendants laundered illegal profits from offshore online gambling rings to finance their lifestyle in town. The seized houses include luxury apartments situated in essentially the most exclusive districts of town.
The bank’s latest results show that allowances for expected credit losses increased almost eightfold year-on-year to A$197 million, or 18 basis points of credit. DBS said they were collected “prudently” attributable to exposure related to a recent money laundering case in Singapore.
The lender reported an 18 percent increase in net income to A$2.63 billion ($1.94 billion) within the three months ended September 30.
