Mainlandexpress Bank - Advisory Warning (2002-12-18)

Summary

This is a public advisory issued by the British Virgin Islands Financial Services Commission warning that Mainlandexpress Bank is not licensed under the Banks and Trust Companies Act, 1990 to conduct banking business in or from the BVI.

• Basis for warning: Mainlandexpress Bank appears to conduct banking business via its website www.mainlandexpress.com, with strong inferences that it operates from within the BVI.
• Licensing status: The entity does not hold a bank licence under the Banks and Trust Companies Act, 1990.
• Public advice: Members of the public are advised to use extreme caution when dealing with this entity.

The notice is informational and does not impose ongoing compliance obligations on regulated financial services entities; it serves to alert the public and industry to an unlicensed operator.