FEAF Bank (2004-11-29)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission alerting investors and the public that the entity known collectively as FEAF Bank (First European Asian Finance Bank and its various related names and affiliates) is not authorised to conduct financial service business, deposit-taking business, or collective investment fund business in Jersey.

• No registration: FEAF Bank has never registered, or applied to register, under the Financial Services (Jersey) Law 1998, the Banking Business (Jersey) Law 1991, or the Collective Investment Funds (Jersey) Law 1988.
• Unlawful activity alleged: Any financial service business, deposit-taking business, or collective investment fund business it has conducted since the relevant commencement dates of each law is stated to be a breach of that law.
• No genuine Jersey link: The Commission states it has established that no genuine links exist between FEAF Bank and the Island of Jersey.
• Call for information: Anyone who has had dealings with FEAF Bank is requested to contact the Commission.

This is a warning notice rather than a rule or licensing requirement; it imposes no ongoing compliance obligations on regulated entities but is relevant to firms conducting due diligence on counterparties or reviewing restricted/unauthorised entity lists.

Key obligations

• Any person who has had dealings with FEAF Bank is requested to contact the Commission.

Applies to

unauthorised financial services providers, investors and members of the public, banks, collective investment funds