Bravo! Singapore is doing much better than Germany, where the Wirecard Scandal originated! "Questions have been raised about regulatory failure on the part of Federal Financial Supervisory Authority (BaFin), Germany's top financial watchdog, and possible malpractice of Wirecard's long time auditor Ernst & Young." Even the now chancellor of Germany Olaf Scholz is implicated as he was the federal finance minister at the time!
"Some of the largest financial institutions operating in Singapore are being punished for lapses associated with the fall of German payment services group Wirecard, after authorities found during a probe inadequate controls for money laundering.
The Monetary Authority of Singapore, the city-state's central bank and financial regulator, said on Wednesday 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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