n a newly released article on our European edition of FinTelegram News, we delve deeper into the implications of the recent KPMG special audit report on Wirecard. By now, it’s no longer a secret within fintech and financial circles that the German DAX-listed company is facing serious issues—issues even highlighted in what was considered a relatively restrained audit.
According to our FinTelegram Research Team and the investor protection advocates at the European Funds Recovery Initiative (EFRI), the findings make one thing clear: Wirecard failed to meet its Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations.
Given this, a strong case can be made that Wirecard bears indirect responsibility for the fraudulent activities of its clients or merchants. When a financial institution facilitates payments tied to illegal or fraudulent schemes, it crosses into the territory of money laundering—knowingly or not.
Several weeks ago, we submitted a formal complaint against Wirecard on money-laundering grounds to the relevant authorities. This move triggered an aggressive response from the company’s PR arm, aimed at discrediting our claims. Yet, the KPMG report has now reinforced our concerns, validating much of our previous investigative work.
In our view, Wirecard may be held accountable by retail investors who were harmed by the fraudulent actions of the company’s clients. The basis? Clear lapses—or outright neglect—in the execution of KYC and AML compliance procedures.