Wirecard Scandal a ‘Complete Disaster,’ Says Germany’s Bafin (1)

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.”

“It starts with looking at complete failure of a senior management, despite many, many hints to discover the facts,” he said. “It goes on to the scores of ...