Singapore fines three banks, one insurer over AML breaches around Wirecard fraud

The implosion of Wirecard, in 2020, after €1.9bn (US$1.4bn) in cash was found to be missing from the German payments firm's accounts, has led to fines against four financial institutions in Singapore for anti-money laundering and terrorist financing control failings.

The implosion of Wirecard, in 2020, after €1.9bn (US$1.4bn) in cash was found to be missing from the German payments firm's accounts, has led to fines against four financial institutions in Singapore for anti-money laundering and terrorist financing control failings. [1]