Three banks and an insurer have been fined in Singapore in connection to past dealings with the now-defunct German fintech Wirecard.
DBS, Citibank, and OCBC are the banking entities that have been penalised by the Monetary Authority of Singapore (MAS) for AML/CTF (counter-terrorism finance) failings, together with life insurance firm Swiss Life for a combined total of 3.8m Singapore Dollars (£2.218m).
Once praised as Germany’s biggest tech and commercial success on a global scale for a while, Wirecard filed for insolvency in 2020 with €4bn owed to investors and a €1bn deficit.
Filing for insolvency in 2020 after registering a €1bn deficiency in its accounts and owing close to €4bn to investors, Wirecard turned from one of Germany’s most successful corporate ventures to a fraudulent scheme overnight.
The news follows a MAS investigation into Wirecard’s financial dealings in Singapore and reports that multiple local individuals and businesses have previously collaborated with the defunct fintech.
Authorities in Singapore have recently charged James Aga Wardhana and Chai Ai Lim – two former Wirecard employees – with prison sentences over their involvement with the company.
Ex-Wirecard CEO Marcus Braun is awaiting trial in Germany, with possible charges for fraud and market manipulation looming over him despite him pleading not guilty.