Allied Finance and Development Bank (2009-12-14)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 48(2) of the Banking Business (Jersey) Law 1991, warning the public that Allied Finance and Development Bank (AFDB) is not authorised to conduct deposit-taking business in Jersey. The Commission states that AFDB has never registered or applied for registration under the Banking Business Law, and that any deposit-taking business it has carried on since 1 October 1991 breaches Article 8 of that Law.

• Unauthorised status: AFDB has never been registered, nor applied for registration, under the Banking Business (Jersey) Law 1991.
• Breach alleged: Any deposit-taking business carried out by AFDB since 1 October 1991 is said to be in breach of Article 8 of the Banking Business Law.
• Fraud warning: Documentation held by the Commission suggests AFDB and its website display warning signs of being set up for a fraudulent purpose.
• Public request: Anyone who has had dealings with AFDB is asked to contact the Commission.

This is an informational warning notice rather than a rule change; it does not impose continuing compliance obligations on regulated firms but alerts the public and industry to an unauthorised, potentially fraudulent operator.

Applies to

unauthorised deposit-taking business (Allied Finance and Development Bank)