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Financial regulators have fined Wise’s chief executive Kristo Käärmann £350,000 for breaching conduct rules and failing to notify them of “significant tax issues”, but have cleared him to continue in his job.
The Financial Conduct Authority launched an investigation into Käärmann’s conduct after he was fined by tax authorities in 2021 over a deliberate tax default.
The FCA on Monday said that Käärmann had “failed to appropriately consider the significance of the tax issues and notify the FCA, despite being aware of them for over 7 months.”
Käärmann, whose fine was reduced from £500,000 because of early settlement, said: “After several years and full co-operation with the FCA, we have brought this process to a close. I remain focused on delivering the mission for Wise.”
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