Singapore Slaps Banks on Wrist for Wirecard Scandal

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Singapore has been moving to try to curb illicit flows as the country gains in stature as a key financial and wealth hub. Photo: Bloomberg

(Bloomberg) — Singapore’s financial regulator has imposed penalties amounting to a total of S$3.8 million ($2.8 million) on four financial institutions for breaches related to the Wirecard AG scandal.

DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. Ltd. as well as the local entities of Citigroup Inc. and Swiss Life Holding AG were found to have inadequate money laundering and terrorism financing controls in place when they dealt with parties linked to Wirecard, the Monetary Authority of Singapore (MAS) said in a statement on Wednesday.