/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Singapore investigates Citadelle and Senjo Group over Wirecard scandal

Source: MAS

The Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) have launched a joint investigation into Citadelle Corporate Services Pte Ltd (“Citadelle”), Senjo Group Pte Ltd and its subsidiaries (“Senjo”) for suspected falsification of accounts under the Penal Code (Cap 224), as well as carrying on a trust business without a licence under the Trust Companies Act (Cap 336).

2 The investigation follows the announcement on 29 June 2020 that MAS and the Accounting and Corporate Regulatory Authority are collaborating with CAD to scrutinise recent developments relating to Wirecard AG. The review surfaced reasons to suspect that offences may have been committed. As part of the investigation, CAD and MAS have obtained documents and records from Citadelle and Senjo, and have interviewed persons involved in the companies.

3 MAS is aware of media reports alleging that Citadelle has handled monies for Wirecard in a trustee capacity. The provision of trust services as a business in Singapore is an activity regulated by MAS under the Trust Companies Act. Citadelle is not licensed to provide trust business services in Singapore, and is not supervised by MAS. MAS has listed Citadelle on the Investor Alert List [1] on its website.  

Comments: (0)