venture capital firm Illuminate Financial raised $235 million for its third fund from investors, including Bank of New York Mellon and Euroclear. This week, two former Wirecard employees were handed prison terms, the first criminal convictions related to the fraud at the firm. The firm's units that operated in Singapore had been asked to cease their payment activities in 2020. Wirecard filed for bankruptcy in 2020 after acknowledging that 1.9 billion euros ($2 billion) it had listed as assets probably didn't exist. The penalized firms have addressed the deficiencies identified by the Monetary Authority of Singapore (MAS), which include boosting their processes and training to improve staff's vigilance in detecting and escalating risk concerns. As it gains status as a key financial hub, Singapore has been moving to curb illicit flows in May, Parliament passed a bill paving the way for banks to share information on potentially risky clients. The penalties amount to S$400,000 on Citibank, S$600,000 on OCBC, S$200,000 on Swiss Life and S$2.6 million imposed on DBS. The four institutions were found to have inadequate money laundering and terrorism financing controls in place when they dealt with parties linked to Wirecard. And, the Department of Agriculture is plotting a similar departmentwide contract for cloud adoption.Singapore's financial regulator imposed penalties amounting to a total of S$3.8 million ($2.8 million) on DBS, Citigroup, Oversea-Chinese Banking and Swiss Life for breaches related to the Wirecard scandal. The Department of the Interior last week awarded Peraton a $1 billion cloud contract. Treasury isn’t the only large department to award a major cloud contract recently. The contract has a seven-year period of performance.
“This scattered approach, while offering varying degrees of agility for individual customers, ignores opportunities for cost reduction through service deduplication and consolidated procurement actions.” “At present, Treasury bureaus are individually moving forward with cloud solutions, and have implemented a number of cloud solutions to address unique mission priorities requiring agile and elastic approaches, often through duplicative contract actions,” that roadmap explained.
Treasury has been planning out T-Cloud since as far back as 2019, when it introduced a cloud roadmap developed by its Office of the Chief Information Officer in collaboration with the IRS, procurement offices and other stakeholders.
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