Banking Institutions claiming to operate in or from the Isle of Man

This notice is issued by the Financial Supervision Commission (“the Commission”) in accordance with the powers conferred upon it under Section 22 of the Financial Supervision Act 1988.

Banking Institutions claiming to operate in or from the Isle of Man

The Commission has recently become aware of a number of alleged banking institutions which it has been reported have made claims that they are based in or linked to the Isle of Man in some manner.

All banking institutions operating in or from the Isle of Man, with some very limited exemptions, are required by law to be licensed and regulated by the Commission. A summary of the position regarding the definition of a banking institution may be found on the Commission’s website at

www.fsc.gov.im

A list of all institutions licensed by the Commission is also available on the aforementioned website.

It is a criminal offence for an institution to undertake or hold itself out as undertaking banking business in or from the Isle of Man without the relevant licence. Members of the public should also be aware that any institution undertaking such business, without the relevant licence is not regulated by the Commission and falls without the legislation for the protection of depositors more fully described on the Commission web site.

In all of the cases recently brought to our attention, no genuine links between the entities and the Isle of Man have been established by the Commission and claims to have such links must be treated as highly suspicious. If an institution claims to be exempt from the requirement to be licensed this may be quickly confirmed by contacting us. Such contact would be welcomed in order that we may ensure that your interests are protected.

Under the circumstances the Commission would strongly urge persons considering dealing with any banking institution which claims to be operating in on or from the Isle of Man, but which does NOT appear on the list of licenceholders published on our website, to exercise the greatest possible caution before proceeding, bearing in mind the contents of this public notice.

Any persons who are already involved in any dealings with such institutions and have concerns or who have information regarding them should contact the Enforcement Division on +44 1624 689313 or by email to [email protected]