Sun Bank Offshore Jersey (Channel Islands) (2011-02-11)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 48(2) of the Banking Business (Jersey) Law 1991, warning the public that Sun Bank Offshore Jersey (Channel Islands) is not authorised to conduct deposit-taking business in Jersey.

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

The statement is purely informational and protective in nature; it does not impose ongoing compliance obligations on regulated firms but serves as a warning against dealing with this unauthorised entity.

Applies to

unauthorised deposit-taking business, members of the public and investors