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-OCBC receives warning from central bank for system failure.

Global Banking News-November 1, 2011--OCBC receives warning from central bank for system failure(C)2011 ENPublishing -

Global Banking News - 01 November 2011

The central bank of Singapore has reprimanded Oversea-Chinese Banking Corp (OCBC) (SIN: 039) for system failures, Reuters said.

The bank's online and branch banking systems had failed in September this year, causing hardship to customers.

In a statement, the Monetary Authority of Singapore (MAS) said, 'From our review and analysis of the investigation reports, we established that the bank did not implement sufficient measures to address single point of failure in its system and network infrastructure.'

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Publication:Global Banking News (GBN)
Date:Nov 1, 2011
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