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Investors warned about “fake” offshore bank


Investors are being warned by Banking Regulators to avoid Channel Offshore Bank, which is claiming to operate in the Channel Islands.

The regulators have warned that the bank is a fake, and that it is not authorised by any banking authority, which is required by law. The Jersey Financial Services Commission says the Channel Offshore Bank claims to operate from a St Helier address and has said it has been in business since 1989.

When an investor makes an application on the banks website, customers are required to enter personal information including current bank account information. Regulators have warned against this and believe your information may be stolen.

The Commission has published a list of 33 regulated and genuine banks operating from the island. It does not include the Channel Offshore Bank.
In a statement, Jersey Financial Services Commission, said:

"Channel Offshore Bank has not received authorisation to conduct deposit-taking business within the meaning of the banking business law.

"It appears to the commission that Channel Offshore Bank, as described on the website, is falsely purporting to trade from an address of PO Box 998, St Helier, Jersey, Channel Islands, and is carrying on, or holding out that it is carrying on, deposit-taking business in Jersey when it is not authorised to do so."
The commission said the bank had never been registered, or applied to be registered, and said any deposits it received would be illegal.
The bank has not responded to requests by the BBC for comment.

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