Channel Offshore Bank (2014-11-17)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) warning the public about an unauthorised entity called Channel Offshore Bank (COB), which operates a website and email addresses purporting to offer deposit-taking services from a Jersey address.

• Unauthorised status: COB has never been registered or applied for registration under the Banking Business (Jersey) Law 1991, and any deposit-taking business it has conducted since 1 October 1991 is in breach of Article 8 of that Law.
• Fraud warning signs: The Commission states that documentation it holds shows COB, its website and its email addresses display warning signs of being set up for a fraudulent purpose.
• False Jersey address: COB is described as falsely purporting to trade from a PO Box address in St. Helier, Jersey, while not being authorised to conduct deposit-taking business there.

The statement is issued under Article 48(2) of the Banking Business Law to warn investors and others against dealing with COB, and it invites anyone who has had dealings with the entity to contact the Commission.

Key obligations

• Any person who has had dealings with Channel Offshore Bank is requested to contact the Jersey Financial Services Commission.