You are here

DBS says it 'should have taken more rigorous action'

Tuesday, October 11, 2016 - 11:13

31062705 - 17_03_2014 - pixgeneric.jpg
DBS said on Tuesday morning that while the Monetary Authority of Singapore has found that "control weaknesses" at the bank were not pervasive, "we should have taken more rigorous action with respect to the questionable activity, even if it was intentionally designed to conceal another purpose".

DBS said on Tuesday morning that while the Monetary Authority of Singapore has found that "control weaknesses" at the bank were not pervasive, "we should have taken more rigorous action with respect to the questionable activity, even if it was intentionally designed to conceal another purpose".

It added that the financial penalties imposed on DBS were for lapses that occurred in 2013 and 2014 and that the bank will take appropriate actions to hold responsible employees accountable, "which will include our senior executives".

It accepts the regulator's decision and "will be donating profits attributable to our shortcomings to a worthy cause", it added. It did not specify how much.

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom