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DBS Cooperating With HK Regulator Amid Alleged Customer Data Leak: MAS

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DBS Cooperating With HK Regulator Amid Alleged Customer Data Leak: MAS

The Monetary Authority of Singapore (MAS) said on Friday (Dec 9) it is aware of the case involving DBS Hong Kong whose employees were reportedly arrested over an alleged leak of customer data. It added that DBS is cooperating with Hong Kong authorities.

According to a report by Hong Kong's Apple Daily on Thursday, several members of DBS' sales team are being investigated by Hong Kong's anti-corruption agency for allegedly bribing department managers to get the personal data of clients.

The data was then passed on to a telemarketing centre in mainland China, which contacted the clients to try and get them to borrow from the bank. Commissions were then shared between the sales team and the telemarketing centre, reported Apple Daily, which also said that the staff were authorised to sell loan products in branches or on the street but not by cold calling.

The report prompted the Hong Kong Monetary Authority (HKMA) to issue a statement of concern on Friday, saying it would "follow up with the bank associated with the case".

In a statement, Singapore's central bank said: "As DBS’ home regulator we expect DBS’ business practices both in Singapore and abroad to be compliant with local laws and regulations."

When contacted, a spokesperson from the Singapore-based lender said: “DBS Hong Kong takes our obligations to curtail financial crime very seriously and the bank will cooperate fully with any law enforcement agency on their investigations.

"This includes informing authorities when we become aware of matters which require their attention. Together with our regulators and the industry, we intend to intensify our efforts in collaborating and fighting against financial crime.”

Source: Channel News Asia

By Pathay Singh on 12/14/16