Singapore moots bill to slap banks with higher fines for security breach


Singapore must clamp down on security inertia before digital banking era can take off

Singapore has taken another step towards a new bill that seeks to impose higher penalties on financial institutions that suffer a security breach as a result of oversight. It also looks to tighten regulations of digital token services providers to guard against money laundering and terrorist financing risks.

If passed, the Financial Services and Markets Bill will push the maximum penalty for each breach of the sector’s technology risk management requirements to SG$1 million ($736,791). The financial penalty can climb further should an incident impact the financial institution’s customers or other partners, resulting in more than a single breach of risk management requirements.

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