Trans Ocean Trust Bank and Competent Trust Co Ltd (2003-05-08)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 22 of the Financial Services (Jersey) Law 1998, warning the public and industry against dealing with Competent Trust Co Ltd and the associated website Trans Ocean Trust Bank. It confirms that Competent has never been registered or applied for registration under the Financial Services Law, and that any financial service business it has conducted since 1 July 1999 breaches Article 6 of that law.

• Unauthorised status: Competent Trust Co Ltd has never been registered or sought registration under the Financial Services (Jersey) Law 1998.
• Connection to Cayman warning: The entity is linked to the website www.transoceanbank.com, which is also the subject of a warning notice from the Cayman Islands Monetary Authority, and is unconnected to the legitimate TransOcean Bank and Trust Ltd of Grand Cayman.
• Alias risk: The fictitious Trans Ocean Trust Bank also trades as Transocean Bank and Trust, so recipients of communications should verify identity against licensed entities.
• Public register reminder: All genuinely regulated businesses are listed on the JFSC website, and anyone who has dealt with Competent is asked to contact the Commission.