Singapore Slaps Heavy Fines on Financial Firms Amidst Shocking Wire Card Scandal Disclosure
Singapore Financial Regulator Imposes Heavy Fines on Four Companies Involved in Wire Card Scandal.
According to the Moratory Authority of Singapore, no deliberate misconduct was found however serious transgressions were there leading to the total penalties of S$3.8m ($2.8m; £2.2m).
In the statement, Singaporean banks DBS, OCBC, and the local businesses of US-based Citigroup and insurance firm Swiss Life were included in MAS penalties with DBS receiving the highest jaw-dropping penalty, a S$2.6m fine.
In 2020, Wire Card, a German payments company, declared bankruptcy after revealing a significant shortfall of €1.9 billion ($2.1 billion; £1.6 billion) in its financial records.
Prosecutors have charged Mr. Braun- the former boss of a Wire card firm-with approving inaccurate financial reports and revealed that the Wire card fabricated documents to falsely indicate the existence of funds it never possessed.
Later This week, two former employees associated with the payments firm Wire Card were sentenced to prison- James Aga Ward Hana received a 21-month jail term, while Chai Ai Lim was given a 10-month sentence.