Warning - EKC Advisory - Fraud (2017-09-07)

Summary

This is a public fraud warning issued by the Bermuda Monetary Authority (BMA) alerting the public and registered persons to a scam operated under the name EKC Advisory. The scam involves fraudulent emails inviting recipients to enroll in a paid Anti-Money Laundering and CFT Regulatory Compliance course in Bermuda, typically for a fee of about 1,200 US dollars.

• Nature of scam: Emails from addresses including joel@ekcadvisory.com and ekcadvisory@europiaknowledgecentre.com invite enrolment in an AML/CFT compliance course.
• Reported harm: Course fees have been paid but the course is then cancelled with no explanation and no refund given.
• Scope: The BMA notes this fraud also appears to operate in other jurisdictions.
• BMA position: The Authority states that anyone transacting with this entity does so at their own risk and takes no responsibility for losses.

The notice is purely informational and warns readers to exercise caution; it does not create any compliance obligations or regulatory requirements for licensed entities.

Applies to

members of the public, registered persons