The Jersey Financial Services Commission has issued warning to investors and consumers to avoid business with Channel Offshore Bank (COB), which claims to operate in the Channel Islands.
The bank’s website displays St. Helier, Jersey, Channel Islands as its address and says that it has been into operation since 1989, which the Commission claims are false and not authorized as required by law.
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The account registration process of the lender requests users to input personal details, such as current bank account details.
The watchdog has said that Jersey’s 33 genuine banks were registered and listed on the Commission’s own website, and said that COB had never been registered, or applied to be registered, which makes any deposit-taking business of the bank illegal.
The regulator added, "It appears to the commission that COB, as described on the website, is falsely purporting to trade from an address of PO Box 998, St Helier, Jersey, Channel Islands, and is carrying on, or holding out that it is carrying on, deposit-taking business in Jersey when it is not authorised to do so."
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By GlobalData
