, Singapore
299 views
Photo courtesy of Terence Ong (Wikimedia)

MAS slaps S$330m add'l capital requirement at OCBC after phishing fiasco

The review found deficiencies in the bank’s risk mitigation and incident management.

The Monetary Authority of Singapore (MAS) has imposed an additional S$330m (approximately US$240m) in capital requirements on OCBC Bank after deficiencies in the bank’s response to the SMS phishing scams in December 2021.

An independent firm engaged by OCBC to review its systems and processes noted deficiencies in the bank’s mitigation of identified risks, pre- and post-transaction controls, incident management and complaints handling. This reportedly resulted in delays in containment issues and customer response time.

The deficiencies named were in line with MAS’ own assessment. OCBC is reportedly in the process of adjusting them.

MAS will review the additional capital requirements when the regulator “is satisfied that OCBC has addressed all deficiencies identified in the review.”

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!