Reality National Bank (2009-04-21)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission under Article 48(2) of the Banking Business (Jersey) Law 1991. It alerts investors and the public that an entity called Reality National Bank (RNB) is not authorised to conduct deposit-taking business in Jersey and appears to be carrying on, or holding itself out as carrying on, such business unlawfully.

• Unauthorised status: RNB has never been registered, or applied for registration, under the Banking Business Law, so any deposit-taking business it has conducted since 1 October 1991 breaches Article 8 of the Law.
• Fraud warning signs: Documentation held by the Commission suggests RNB displays warning signs of being set up for a fraudulent purpose.
• Public guidance: The Commission notes that all regulated businesses in Jersey are listed on its website and asks anyone who has dealt with RNB to contact the Commission.

This is a purely informational enforcement notice naming an unauthorised entity; it does not impose ongoing regulatory obligations on licensed firms but serves as a warning to the public and industry to avoid dealings with RNB.

Key obligations

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

Applies to

members of the public, investors, unauthorised deposit-taking businesses