Käärmann was fined for failing to inform the City regulator that he had failed to pay his taxes, the Guardian wrote.

The FCA said that the Wise chief executive had failed to notify it of a fine from HM Revenue and Customs that resulted in his appearance on a public "name and shame" list of people who had deliberately defaulted on tax payments – alongside a host of takeaway restaurants and sole traders.

The ruling puts an end to several years of repercussions from a 2017 share sale by Käärmann that netted him $10m, but also led to a series of regulatory difficulties.

The FCA said it expected Käärmann to self-notify the authority of any changes.

Therese Chambers, 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."

Käärmann was initially fined £500,000, but after agreeing to cooperate at an early stage he was given a 30 percent discount.

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."

David Wells, the chair of Wise, said he now considered the matter closed, and that the company had made sure that Käärmann's personal tax affairs were in order.

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