UMBS Online Bank Limited (2009-06-24)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 48(2) of the Banking Business (Jersey) Law 1991, warning the public against dealing with UMBS Online Bank Limited. The Commission states that UMBS has been carrying on, or holding itself out as carrying on, deposit-taking business in Jersey without the required authorisation.

• Unauthorised activity: UMBS 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 is a breach of Article 8 of the Law.
• Fraud warning signs: Documentation held by the Commission suggests UMBS 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 invites anyone who has had dealings with UMBS to contact the Commission.

This is an informational enforcement notice rather than a rule of general application; it does not create ongoing compliance obligations for regulated firms, but serves to alert the public and industry to an unauthorised and potentially fraudulent entity.

Applies to

deposit-taking businesses, members of the public