AIB Private Bank (Jersey) Limited (2004-08-18)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission alerting investors and the public that AIB Private Bank (Jersey) Limited and a number of associated names are not authorised to conduct financial service or deposit-taking business in Jersey. It updates an earlier statement from 19 May 2004 by adding further unauthorised names and a new fraudulent website.

• Entities named: AIB Private Bank (Jersey) Limited, AIB Online, AIB Plc, AIB Online Bank, Platinum Merchant Bank, Platinum Merchant Management and Platinum Merchant.
• Unauthorised status: None of these have ever been registered, or applied for registration, under the Financial Services (Jersey) Law 1998 or the Banking Business (Jersey) Law 1991.
• Breach findings: Any financial service business conducted by these names since 1 July 1999 breaches Article 6 of the Financial Services Law; any deposit taking business conducted since 1 October 1991 breaches Article 7 of the Banking Business Law.
• No connection to genuine bank: These entities are not connected to the genuine authorised AIB Bank (CI) Limited, whose regulated status is listed on the Commission's website.
• Fraudulent website: The new website www.aibpb.com falsely implies AIB Online has an office in Jersey, which it does not.

The Commission asks anyone who has had dealings with these named entities to contact the Commission. This is a warning notice only and does not itself create ongoing compliance obligations for regulated firms.

Key obligations

• Any person who has had dealings with AIB Private Bank (Jersey) Limited, AIB Online, AIB Plc, AIB Online Bank, Platinum Merchant Bank, Platinum Merchant Management or Platinum Merchant is requested to contact the Commission.

Applies to

unauthorised financial services providers, deposit-taking businesses, members of the public and investors