Beware of Fraudulent Comoros Offshore Authorities and Banks

Important Alert: Beware of Fraudulent Comoros Offshore Authorities and Banks

Beware of Fraudulent Comoros Offshore Authorities and Banks and other financial services companies licensed in Comoros: We offer both offshore and onshore bank licensing services. A recurring challenge involves potential clients questioning our fees, noting they could obtain a Comoros offshore bank license or other licenses for a third of the price without needing to justify or pay the required capital. This issue mirrors past experiences with so-called Gambia offshore banks that were also issued by a fake/bogus authority. As a participant dedicated to maintaining the financial sector’s integrity, I must share a critical alert from the Central Bank of the Comoros. For French readers, you can find the original communiqué on the Banque Centrale des Comores website. Click here to read it in French.

For others, we’ve translated the communiqué below.

Banque Centrale des Comores (Central Bank of the Comoros) as Sole Regulator

La Banque Centrale Des Comores / the Central Bank of the Comoros exclusively holds the authority to license banks and financial institutions in the Union of the Comoros. Any entity claiming this power is operating illegally and faces prosecution.

Union des Comores

The Union of Comoros consists of Ngazidja (Grande Comore), Mwali (Mohéli), and Nzwani (Anjouan), the three major islands of the Comoros Archipelago, along with several minor islets. Officially, these islands go by their Comorian names, though international references might use their French names.

Bogus Regulatory Bodies

The Central Bank of the Comoros has identified several fictitious regulatory bodies falsely claiming to issue banking or other financial licenses within the Union of the Comoros:

• Mwali International Services Authority (M.I.S.A)
• Anjouan Offshore Finance Authority and Anjouan Corporate Services
• Comoros Services LTD
• Comoros International Banking Authority (CIBA)

These entities, and the licenses they claim to issue, hold no legitimacy. They have no authority to issue any banking or financial services license, misleading investors and businesses with offers of banking and financial services. There may be more of those illegitimate bodies since the publication of the warning.

Unlicensed Banks

With these unauthorized regulators in mind, exercise caution around banks claiming legitimacy from these sources. Their licenses, having been “issued” by a bogus authority, are fake:

• EXIM CREDIT BANK, DAFRI BANK, and DTS CIRCLE BANK falsely claim licensing by the Central Bank of the Comoros, the latter two supposedly through “Comoros International Banking Authority (CIBA)”;
• WEALTH BANK LTD, GSB GOLD STANDARD BANK LTD, BLISS BANK, CORIOLIS BANK CORPORATION, REVOLLET INTERNATIONAL LIMITED, Ray Next Bank Limited, TRI BANK, and FORBES PRIVATE BANK wrongly assert licensing by the “Mwali International Services Authority”;
• FOREIGN FINANCE BANK, INTERNATIONAL FINANCE BANK LTD, ROCHESTER BANK, MICRO CAPITAL BANK, and SOLEIL CHARTERED BANK allege approval by Anjouan’s authorities.

Are Comoros Offshore Banks not listed above valid?

No, the absence of certain names from the Central Bank of the Comoros’ list does not validate any Comoros Offshore Banks not mentioned.

The list issued by the Central Bank is one year old, and it’s important to recognize that in the time since its release, these fraudulent authorities may have continued to sell illegitimate licenses to unsuspecting clients.

It’s critical to understand that the legitimacy of a banking license should be verified directly with the Central Bank of the Comoros, regardless of whether or not a bank’s name appears on any list. But you can assume that any licenses issued by the four illegitimate/bogus regulatory bodies issued above are fake.

The proliferation of fake licenses is a known issue, and it’s highly advisable to exercise caution and conduct thorough due diligence before engaging with any financial institution claiming to have a Comoros Offshore Bank license.

A Word of Caution Against False Promises

The appeal of cheaper, hassle-free licensing through these bogus authorities is undeniable. Yet, remember, “all that glitters is not gold.” Engaging with these entities risks severe legal and financial consequences. The allure of lower costs and no capital deposit requirement might seem tempting, but it compromises the legitimacy and security of your financial endeavors.

Always verify the legitimacy of any banking or licensing claim with the Central Bank of the Comoros. Protect yourself by staying informed and exercising due diligence. For more information, do not hesitate to contact us at connect@swissfintechpro.com