Wirecard Increases Compliance Staff After Singapore Investigation
14 November 2019 - 7:29PM
Dow Jones News
By Kim Richters
Germany's Wirecard AG (WDI.XE) is building up the workforce in
its compliance and compliance-related departments, following an
investigation at its Singapore office into possible financial
misconduct.
Staff at the payment company's departments is set to increase to
230 people by the end of the year, up from around 150 employees a
year ago, the payment provider's Chief Financial Officer Alexander
Von Knoop said on Thursday.
The company has been adjusting and optimizing its compliance
structure, including at international subsidiaries, with measures
such as dividing its legal department from the compliance one, he
said at a Morgan Stanley TMT conference in Barcelona.
Mr. Von Knoop's comments come after officials in Singapore
started investigating the company's local operations for possible
financial misconduct earlier this year. "It's an ongoing
investigation of the Singaporean police, we're totally cooperating
and open to answering all the questions when they're asked," Mr.
Von Knoop said about the probe.
Write to Kim Richters at kim.richter@wsj.com
(END) Dow Jones Newswires
November 14, 2019 13:14 ET (18:14 GMT)
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