We take this seriously: MAS on OCBC’s disruption of services

The Monetary Authority of Singapore will determine the appropriate regulatory action upon assessment of the investigation’s outcome.

A statement by the regulator said, “MAS has informed OCBC Bank's senior management that we take a serious view of the wide disruption of the bank's services on Tuesday 13 September 2011.”

OCBC has explained the technical cause of the incident to the public, and the actions it had taken to prevent future recurrence from similar causes, according to MAS’ statement.

“MAS notes OCBC's explanation for the failure and will review its investigation report on the incident. MAS will also assess the outcome of this investigation before determining the appropriate regulatory action to take,” said MAS in its statement.

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