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)

Copyright (c) 2019 Dow Jones & Company, Inc.
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