Singapore Fines Banks Linked To Wirecard Scandal

Some of the largest financial institutions operating in Singapore are being punished for lapses associated with the fall of German payment services group Wirecard, Nikkei Asia reported.

Photo Insert: The scandal, mired in fraud and shady practicing, resulted in the insolvency of Wirecard.

The action came as authorities in the city-state found after an inquiry that four banks and an insurance company had inadequate controls for money laundering.

The Monetary Authority of Singapore (MAS), the city-state's central bank and financial regulator, said recently that it will impose penalties amounting to 3.8 million Singaporean dollars ($2.8 million) on Citibank, DBS Bank, OCBC Singapore and Swiss Life Singapore.

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