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MAS issues five-year prohibition order against former rep of DBS Bank

MAS has issued a 5-year prohibition order against Muhammad Hafiz Bin Ismail, a former representative of DBS Bank Limited.

The Monetary Authority of Singapore (MAS) today announced that it will not be extending the pause imposed on DBS Bank Ltd.

Euroclear will now be able to provide a comprehensive solution for all of DBS Bank’s fund assets for trading.

DBS Bank will not be allowed to acquire new business ventures during this period or reduce the size of its branch and ATM networks.

MAS has imposed an additional capital requirement on DBS Bank following the unavailability of its digital banking services.