File—Picture taken June 24, 2020 shows the Wirecard logo at the headquarters of the payment service provider in Aschheim, Germany.
BERLIN — Germany’s finance minister says he wants to revamp the oversight system for the country’s financial industry in the wake of the accounting scandal at payment systems provider Wirecard. The Munich-based Wirecard filed for bankruptcy recently after auditors couldn’t find accounts in the Philippines that were supposed to contain 1.9 billion euros . The company’s former CEO was arrested and released on bail, while its former chief operating officer is on the run.
He also proposed ensuring that BaFin has oversight of large payment processing companies — even if they don’t fall neatly into the category of a financial institution — and discuss whether auditors need to rotate more frequently
AP And the phil too..