Wirecard Scandal a ‘Complete Disaster,’ Says Germany’s Bafin
- Bafin head Hufeld says he accepts criticism of his institution
- ‘It’s a shame that something like this happened,’ he says
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Germany’s top financial regulator gave a scathing assessment of the failings that led to the scandal at payments processor Wirecard AG, including how his own institution handled allegations of irregularities at the fintech where more than $2 billion of assets went missing.
“It’s a complete disaster we’re looking at,” Felix Hufeld, head of financial regulator Bafin, said Monday on a panel discussion. “It’s a shame that something like that happened.”