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

OCBC Bank

Monetary Authority of Singapore

A NOTE FROM SINGAPORE BUSINESS REVIEW

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia