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Wirecard brings an experienced compliance manager to your board. In July, American James Freis (49) takes over the newly created department, Integrity, Legal and Compliance ‘in the Dax group. The staff is part of a major board restructuring in response to unending criticism of the way the company is run.
In this department, Wirecard groups the areas of law, contracts and compliance. Freis has known the German financial scene for several years. Since 2014 he has been responsible for compliance at Deutsche Börse AG in Frankfurt. Previously, he was briefly with Cleary Gottlieb Steen & Hamilton in Washington, D.C. Between 2007 and 2012, he was Director of the Financial Crime Enforcement Network of the United States Department of the Treasury and was responsible for the regulation of financial institutions. The Federal Reserve Bank of New York began its career in 1996.
The Federal Financial Supervisory Authority has been investigating Wirecard since early 2019 and has announced that it is targeting the group more closely. A special audit conducted by KPMG recently failed to dispel all doubts about Wirecard’s business practices. The Supervisory Board charged the company WP after criticism of the balance sheets did not stop.
Wirecard launched a compliance project last year, which should cover all aspects of compliance management, from governance and reporting to training and specific incident management. Just a few weeks ago, the company had put the management of the compliance department in new hands. Freis’s appointment is now just one component of a major board restructuring that the Supervisory Board initiated. In the course of this, CEO Markus Braun, who has been in office since 2002, has to hand over responsibilities. (Astrid Jatzkowski).
