Singapore Fines DBS, Citi for Breaches in Wirecard Scandal (1)

Singapore’s financial regulator 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. 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 said in a statement on Wednesday.

The penalties amount to S$400,000 on Citibank N.A., Singapore Branch, S$600,000 on OCBC Singapore, S$200,000 on Swiss Life (Singapore) Pte., with ...