Alert 1996-40 | October 22, 1996

Unauthorized Banking: European Union Bank

To

Chief Executive Officers of all National Banks; all State Banking Authorities; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (District) District Administrators; District Counsel and Examining Personnel

Information is being received that the European Union Bank, an offshore registration in West Indies, is soliciting deposits on the Internet offering high rate interest. Subjects do not have the protection of the Federal Deposit Insurance Company. Further, the subject authorized, supervised or regulated by any U.S. financial institutions regulator.

It is urged that careful due diligence be conducted before any involvement occurs regarding this subject matter.

Any information which you may have concerning this matter should be brought to the attention of:

Office of the Comptroller of the Currency
Enforcement & Compliance Division
250 E Street, SW
Washington, DC 202l9
Fax (202) 874-5301

Daniel P. Stipano
Director
Enforcement & Compliance Division

Topic(s):

Unauthorized Banking