Public Statement 11 of 2021 - TERRANCE EXPORT BANK (2021-03-25)

Summary

This is a public warning notice issued by the British Virgin Islands Financial Services Commission (FSC) about an entity calling itself TERRANCE EXPORT BANK. The FSC states that this entity has never been licensed or regulated to carry on banking or any other financial services business in or from the BVI, despite falsely purporting to operate from a Road Town, Tortola address and using a fraudulent website to solicit customers for banking, payment transaction and investment services.

• Nature of the entity: TERRANCE EXPORT BANK is not licensed or regulated by the FSC and has never been authorised to conduct financial services business in or from the BVI.
• Fraudulent conduct alleged: It falsely claims a BVI Financial Center address in Road Town, Tortola, and uses the website www.terranceexport.com to advertise and solicit customers for banking, payment transaction and investment services.
• Public advisory: Members of the public are urged to exercise extreme caution if solicited to conduct business with this entity.
• Legal basis: The statement is issued under Section 37A of the Financial Services Commission Act, 2001.

This is an informational alert rather than a rule imposing ongoing compliance obligations on regulated entities; it primarily serves to protect the public and invites anyone with relevant information to report it to the FSC.

Key obligations

• Members of the public are advised to exercise extreme caution if solicited to conduct financial services business with TERRANCE EXPORT BANK
• The public is invited to provide the FSC with any relevant information on questionable entities or improper and unlawful activities operating in or from within the Territory

Applies to

unlicensed/unregulated purported bank (TERRANCE EXPORT BANK), members of the public