DBS says it 'should have taken more rigorous action'

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.