The additional capital requirement will be reviewed when MAS is satisfied that OCBC has addressed all deficiencies identified in the review.Ĥ. The additional capital requirement imposed takes into consideration actions taken by OCBC to strengthen its controls and its approach to resolving customer complaints following the incident. The deficiencies identified are in line with MAS’ assessment and the bank is in the process of addressing them.ģ. Deficiencies were noted in the bank’s mitigation of identified risks, pre- and post-transaction controls, incident management and complaints handling, resulting in delays in containment measures and customer response time. Following the scams, OCBC engaged an independent firm to review its systems and processes.

This translates to an additional amount of approximately S$330 million in regulatory capital (based on reported financial statements as at 31 March 2022).Ģ.

OCBC is required to apply a multiplier of 1.3 times to its risk-weighted assets for operational risk. The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement, of approximately S$330 million, on OCBC Bank (OCBC), given deficiencies in the bank’s response to a wave of spoofed SMS phishing scams in December 2021. World's first to use national digital ID & online consent system for secure financial dataĪ collaborative AI-driven global solutions hub to foster SME digitalisationįind out how Singapore can be a leading centre for Green and Sustainable Finance World’s largest festival for the FinTech community to connect, collaborate and co-create Unlocking new possibilities for the future of financial services through Digital Assets Understand the various initiatives for technology solutions and projects in Green Finance. Various payment initiatives including SGQR, FAST and PayNow Sandbox relaxes regulatory requirements to enable live experiments of innovation

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