Germany to Revamp Financial Oversight After Wirecard Scandal
BERLIN—Germanys finance minister says he wants to revamp the oversight system for the countrys finan..
BERLIN—Germanys finance minister says he wants to revamp the oversight system for the countrys financial industry in the wake of the accounting scandal at payment systems provider Wirecard.
The Munich-based Wirecard filed for bankruptcy recently after auditors couldnt find accounts in the Philippines that were supposed to contain 1.9 billion euros ($2.1 billion). The companys former CEO was arrested and released on bail, while its former chief operating officer is on the run.
Finance Minister Olaf Scholz told German weekly Frankfurter Allgemeine Sonntagszeitung in an interview published on Sunday that he wants to empower the countrys financial supervisory authority, BaFin, to conduct unannounced checks at any moment.
He also proposed ensuring that BaFin has oversight of large payment processing companies—even if they dont fall neatly into the category of aRead More – Source
