MAS fine x3 banks for not spotting dodgy Wirecard [21 JUNE 2023]
The Monetary Authority of Singapore (MAS) fined 3 Banks and an insurer last week for missing issues associated with Wirecard in Singapore in that same five-year period before its collapse.
WHAT DID MAS SAY
WHAT COULD HAVE BEEN DONE BETTER? According to MAS, the institutions:
- Failed to understand the complex ownership structure of related companies
- Didn’t corroborate Source of Wealth for purported subsidiary and employee-related accounts
- Missing transaction monitoring red flags of apparent large and circular transactions
These red flags would have likely received elevated scrutiny based on Enhanced adverse media / negative news screening. Information, even if disputed by a company or individual appearing in a significant publication like the Financial Times, must be reviewed.
On screening, It is critical not to rely on a commercial vendor but to supplement monitoring around the MAS information paper from April 2022.
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