Wise PLC (LSE:WISE) co-founder and chief executive Kristo Käärmann has been fined £350,000 by the Financial Conduct Authority (FCA) for failing to disclose a capital gains tax liability tied to the sale of £10 million worth of shares.
Käärmann previously copped a £365,651 fine in 2021 for not notifying HM Revenue & Customs (HMRC) of this CGT obligation.
Commenting on the resolution, Käärmann said: "After several years and full cooperation with the FCA, we have brought this process to a close.
“I remain focused on delivering the mission for Wise and achieving our long-term vision for being 'the' network for the world's money. We continue to build a product and a company that will serve our customers and owners for the decades to come."
According to the FCA, Käärmann breached Senior Management Conduct Rule 4, which mandates managers to “disclose appropriately any information of which the FCA would reasonably expect notice”.
Therese Chambers, the FCA’s joint executive director of enforcement and oversight said: “We, and the public, expect high standards from leaders of financial firms, including being frank and open.
“It should have been obvious to Mr Käärmann that he needed to tell us about these issues which were highly relevant to our assessment of his fitness and propriety.”