Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has imposed fines totaling S$3.8 million ($2.8 million) on four companies for breaching regulations related to the Wirecard scandal.

The fined entities include DBS, OCBC, the local branches of Citigroup, and insurance firm Swiss Life. While the breaches were deemed serious, MAS did not find any evidence of “wilful misconduct” by employees at these institutions. In a separate development, two former Wirecard employees were recently sentenced to jail in Singapore.

The fines imposed by MAS highlight the regulatory repercussions faced by financial institutions involved in the Wirecard debacle, while ongoing legal proceedings continue to unfold in Germany. In April, accounting firm EY was fined and banned from accepting major audit mandates for two years for its handling of Wirecard audits.