Wise’s billionaire CEO fined £350,000 by UK regulators over failure to report tax issue

Key Points

Kristo Käärmann, who co-founded Wise in 2011, was on Monday ordered by the Financial Conduct Authority to pay a £350,000 fine.
The FCA said that Käärmann failed to notify the regulator about him not paying a capital gains tax liability when he cashed in on shares worth £10 million in 2017.
The watchdog found him in breach of its Senior Management Conduct Rule 4, which states: “You must disclose appropriately any information of which the FCA would reasonably expect notice.”

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