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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 COULD HAVE BEEN DONE BETTER? According to MAS, the institutions:

  1. Failed to understand the complex ownership structure of related companies
  2. Didn’t corroborate Source of Wealth for purported subsidiary and employee-related accounts
  3. 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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