SINGAPORE -- Some of the largest financial institutions operating in Singapore are being punished for lapses associated with the fall of German payment services group Wirecard, after authorities found during a probe inadequate controls for money laundering.
The Monetary Authority of Singapore, the city-state’s central bank and financial regulator, said on Wednesday that it will impose penalties amounting to 3.8 million Singaporean dollars ($2.8 million) on Citibank, DBS Bank, OCBC Singapore and Swiss Life Singapore.
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