MAS hits OCBC Bank with S$330m capital requirement over response to scams

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MAS hits OCBC Bank with S$330m capital requirement over response to scams

The Monetary Authority of Singapore (MAS) said on 26 May it had imposed an additional capital requirement, of approximately S$330m, on OCBC Bank (OCBC), given deficiencies in the bank's response to a wave of spoofed SMS phishing scams in December 2021. OCBC is required to apply a multiplier of 1.3 times to its risk-weighted assets for operational risk.  This translates to an additional amount of approximately S$330 million in regulatory capital (based on reported financial statements a...