Recovered Fund Account (2005-07-05)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission (JFSC) under Article 48(2) of the Banking Business (Jersey) Law 1991, alerting the public to an advance fee fraud scheme operated through the website www.recoveredfundaccount.com. The scheme falsely claims connections to Jersey, the Commission, and Standard Bank Offshore, and is not connected to any genuine authorised Jersey business.

• Fraud mechanics: Unsolicited emails purport to come from a 'Standard Bank Offshore, Jersey' advisor and claim a large sum of money is owed to the recipient, requesting completion of a fake 'International Payment Declaration Form' with the recipient's banking details.
• Follow up scam: After banking details are submitted, a second email falsely claims the FSC has declined certification of the form and demands payment of a 'penalty' or fine.
• Commission's clarification: The Commission states it has issued no such form and that any reference to the Commission in this correspondence is false and unauthorised.
• No connection to Standard Bank Offshore: The correspondence is not linked to the genuine authorised banking, trust, and investment businesses of Standard Bank Offshore Group Limited or its regulated Jersey subsidiaries.
• Request for reports: Anyone who has dealt with the website or received associated correspondence is asked to contact the Commission.

The statement does not impose ongoing regulatory obligations on licensed entities; it functions as a public alert to investors and the public to avoid the fraudulent scheme and to verify genuine regulated businesses via the Commission's website.

Key obligations

• Any person who has had dealings with www.recoveredfundaccount.com or associated correspondence is requested to contact the Commission.

Applies to

banking business providers (unauthorised), investors and members of the public