Alert 1998-7 | February 18, 1998

Suspicious Transactions: Banque de Petite Martinique

To

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

Information is being received that the subject entity, an offshore shell bank, is soliciting deposits on the Internet offering above market rate interest. Such deposits are not insured by the Federal Deposit Insurance Corporation. Further, its activities are neither regulated nor otherwise supervised by any bank regulatory agency in the United States.

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