Singapore has slapped three banks and an insurer with fines for anti-money laundering breaches connected with the Wirecard scandal.
Citibank, DBS, OCBC and Swiss Life were penalised a combined S$3.8 million by the Monetary Authority of Singapore for breaches of AML/CFT requirements.
The breaches were identified during MAS examinations following news of irregularities relating to Wirecard’s financial statements and the alleged involvement of Singapore-based individuals and entities in the matter.
These firms were found to have inadequate controls in place when they dealt with people involved in transactions with, or had links to, Wirecard or its related parties.
MAS says it did not find wilful misconduct by any staff at the four companies, which have all taken action to improve their operations and have all accepted the penalties.
Earlier this week, two former Wirecard employees were given prison terms in Singapore.
James Aga Wardhana was sentenced to 21 months and Chai Ai Lim to 10 months by a Singapore state court for their roles in conspiring to misappropriate money.
Former Wirecard boss Marcus Braun is currently on trial in Germany, facing charges of fraud misappropriation of corporate assets, accounting fraud and market manipulation. He has pleaded not guilty.