Wise CEO fined $454 million by UK Financial Conduct Authority over tax issues

The value of the FCA’s fine is substantially lower than the potential maximum fine he could have faced. Käärmann could have been fined as much as £500,000 for his tax failings, but qualified for a 30% discount because he agreed to resolve the issues. Kristo Käärmann, the billionaire CEO of money transfer firm Wise, was slapped with a £350,000 ($454 million) fine by financial regulators in the U.K for failing to report an issue with his tax filings. 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. Should companies be reporting everything financial gains to authorities ?