Printer Friendly

-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 - http://www.enpublishing.co.uk

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.'

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))
COPYRIGHT 2011 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Nov 1, 2011
Words:124
Previous Article:-Bank of East Asia director hikes stake in the bank.
Next Article:-BMO opens branch to operate seven days a week.

Terms of use | Privacy policy | Copyright © 2022 Farlex, Inc. | Feedback | For webmasters |