The Central Bank of The Bahamas (CBB) says Allied Bank and Trust Bahamas is not a licensed entity and is warning members of the public to be on their guard.
The CBB said that the entity with possible aliases or affiliates is ‘falsely claiming to be licensed by the Central Bank’
It said that other entities, namely Allied Bank and Trust Bahamas, Allied Bank and Trust Limited, Allied Fund Services Limited, Allied Investment Advisors Limited, Allied Securities Ltd and Alliance Bank and Trust Limited are also ‘not licensed to conduct banking business in The Bahamas.
‘Any company seeking to conduct banking and trust business must be appropriately licensed by the Central Bank. The public is hereby notified that all persons operating without the required license or registration are to immediately cease and desist operating.’
The CBB said that it can take punitive measures for any entity operating without the relevant license or registration, pursuant to the Central Bank of The Bahamas Act, 2020 and that the list of institutions licensed and registered by the Central Bank can be accessed by visiting the bank’s website.
‘Persons seeking to conduct business with a financial institution or service provider claiming to operate within The Bahamas should independently verify the entity’s regulatory status before engaging in transactions.
‘If you believe that you have been contacted by a fraudulent entity, or have already invested funds in or through such an entity, please report the incident to the Financial Crimes Unit of the Royal Bahamas Police Force,’ the CBB added.