SC Adds Citibank International Investment Plan Worldwide To Investor Alert List

Jacie Tan

22nd June 2021 - 2 min read

UPDATE: Citi Malaysia has released a statement on 23 June stating that it is not involved or linked in any way to Citibank International Investment Plan Worldwide. The article has been amended to reflect this.

The Securities Commission Malaysia (SC) has added Citibank International Investment Plan Worldwide to its Investor Alert List, flagging it as a potential clone entity.

Under its entry on the Investor Alert List, the SC noted that Citibank International Investment Plan Worldwide could be a “possible clone operating a fraudulent scheme”, as well as “carrying on unlicensed capital market activities”.

The investment plan was added to the SC’s alert list on 17 June 2021. On 23 June, Citi Malaysia released a statement stating that it is not involved or linked in any way to Citibank International Investment Plan Worldwide.

“We wish to reiterate that Citi Malaysia has in place stringent controls on risk management and cyber-security aligned to best global standards to protect the interest of our employees, customers and clients. Citi Malaysia is committed to providing a secure banking environment and is constantly updating its security technology to protect client privacy and confidentiality,” the statement read.

The Securities Commission Investor Alert List comprises of a non-exhaustive list of unauthorised websites, investment products, and individuals; it serves as a public guide to investors prior to making any investment decisions. The list includes individuals like self-proclaimed stock investment gurus, which have grown in trend with the increase in retail investors in Malaysia, and also unauthorised digital asset exchanges (DAX) like Remitano and Binance.

(Source: The Edge Markets)

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