Shankars Emporium Bank (2003-09-29)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission (JFSC) under Article 45B of the Banking Business (Jersey) Law 1991, alerting the public that an entity calling itself Shankars Emporium Bank (SEB), which operated a website offering internet banking services, is not authorised to conduct deposit-taking business in Jersey.

• No registration: SEB has never been registered, or applied for registration, under the Banking Business Law, so any deposit-taking business it has carried out since 1 October 1991 breaches Article 7 of that Law.
• False Jersey connection: The Commission found no genuine links between SEB and the Jersey address quoted on its website.
• Public reference: The public is reminded that all genuinely regulated businesses are listed on the Commission's website.
• Call for information: Anyone who has had dealings with the entity calling itself SEB is asked to contact the Commission.

The statement is informational and enforcement-related rather than a rule imposing continuing obligations on regulated firms; it warns the public and invites those affected to come forward, and does not create new compliance duties for licensed entities.

Key obligations

• Persons who have had dealings with the entity calling itself Shankars Emporium Bank are requested to contact the Commission.

Applies to

unauthorised deposit-taking businesses, members of the public dealing with online banking services