Public Statement 4 of 2024 - PLATINUM FX COST CONTROL AND RISK MANAGEMENT (2024-02-21)

Summary

This is a public warning notice issued by the British Virgin Islands Financial Services Commission (FSC) about an entity called PLATINUM FX COST CONTROL AND RISK MANAGEMENT. The FSC states that this entity has circulated a forged investment business licence and is falsely claiming to be licensed by the FSC to conduct investment business, including dealing in investments and arranging deals in investments. The FSC confirms the entity has never been licensed or regulated to carry on investment business or any financial services business in or from within the BVI.

• Nature of concern: PLATINUM FX COST CONTROL AND RISK MANAGEMENT is circulating a forged investment business licence purporting to authorise it to deal in and arrange deals in investments in the BVI.
• FSC confirmation: The entity is not and has never been licensed or regulated by the FSC to carry on any financial services or investment business in or from within the Territory.
• Public advice: Members of the public are advised to exercise extreme caution if solicited by this entity and to avoid conducting any business with it.
• Reporting request: The public is invited to provide the FSC with information on questionable entities purportedly operating in or from within the BVI and on improper activities by such entities.
• Legal basis: The statement is issued pursuant to Section 37A of the Financial Services Commission Act, 2001.

This notice is informational and protective in nature, alerting the public and market participants rather than imposing continuing compliance obligations on regulated entities.

Applies to

members of the public, persons solicited by unlicensed entities