SINGAPORE (June 29): In response to queries, a Monetary Authority of Singapore's spokeswoman confirms that the white-collar crime unit Commercial Affairs Department (CAD) commenced criminal investigations into WireCard’s Singapore operations back in February 2019.
"The investigations are extensive and ongoing. In view of recent developments in WireCard AG, MAS and the Accounting and Corporate Regulatory Authority (ACRA) are collaborating with CAD to scrutinise other possible aspects of the case.
"Due to the cross-border nature of some of the transactions, Singapore authorities have reached out to relevant foreign authorities for further information and also stand ready to assist investigations by foreign authorities where requested," the MAS spokeswoman says.
"MAS requires financial institutions to report all suspicious transactions, including transactions that are large, complex or present unusual patterns with no apparent economic or lawful purposes. MAS has been in touch with relevant financial institutions to determine if there had been any abuse of Singapore’s financial system for illicit purposes. We will take firm action if we find evidence of criminal behaviour or serious lapses in anti-money laundering controls,” she adds.
On June 22, Wirecard's board confirmed that EUR1.9 billion that auditor EY could not verify did not exist, and the company filed for insolvency.
For the past two years, the Financial Times reported that Wirecard was inflating revenues from its overseas partners. Wirecard was a global payments company that facilitated ecommerce and other cashless payments and at one point overtook the market capitalisation of Deutsche Bank.
