The Elite Bank Group - Caution

Tangible

http://www.elitebankgroup.com

http://www.elitebankgroup.co.uk

I would be very interested to hear from anyone who has been approached by people representing this bank or attempting to introduce you to them.

There are many grounds for concern.

MothballsWallet

Do you want to share your grounds for concern with us?

Yeah, I wouldn't want to join a group of Private Investment Bankers either - isn't that rhyming slang for something?

Tangible

Okay.

Taken from the websites.

All Banks in the group will be [my emphasis] licenced as an FSP by the Reserve Bank of New Zealand to provide full banking services......

This statement itself gives rise to several concerns.

http://www.business.govt.nz/fsp/help-support/resources/fast-facts-about-fspr/for-financial-service-providers#if-i-dont-register

From 1 December 2010 (and 31 March 2011 for financial advisers), financial service providers must be registered to legally provide financial services. If after that date they provide, or offer to provide, financial services without current registration [my emphasis], they are in breach of section 11 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008. If that is the case, they are subject to substantial fines and/or imprisonment.

There isn't any option for presumptive authorisation.

Registrations can be checked here

http://www.business.govt.nz/fsp/app/ui/fsp/record/searchFsp.do

.....and a search on the names The Elite Bank Group and Excalibur Investments (Belize) Limited reveals no registrations.

Note that the website doesn't claim any physical presence in New Zealand and there appear to be no company registrations there either.

Use of the word 'bank' by New Zealand entities is strictly controlled and regulated

http://www.rbnz.govt.nz/finstab/banking/regulation/0138714.pdf

It is not registered as a bank in New Zealand. Here's the list.

http://www.rbnz.govt.nz/nzbanks/0091622.html

In summary - the credibility it seeks to achieve by claiming that it is applying for registration as an FSP in New Zealand is worthless, and by offering financial services prior to registration, it is ensuring that it will never gain such registration.

Undoubtedly it would also be required to to seek a licence to operate as a bank as it chooses to use the word in its title.

My concerns go beyond these legal and technical issues.

Tangible

To be scrupulously accurate and fair, I would add that the website does mention

We are unable to provide banking facilities to New Zealand Residents.

In which case

1. Why purport to seek registration with the New Zealand financial authorities ?

2. Why not just claim to be incorporated in Belize under their financial regulatory body, if that is the case.

Conveniently it highlights the flaw here

http://www.elitebankgroup.com/services.html

It means that if you offer financial services using a New Zealand based Company..........

It isn't a New Zealand based company itself. No company registration there or office.

Seeking to gain FSP registration in New Zealand with no presence or clients there will fail, and it achieves nothing. Having already, apparently contravened NZ regulations, it seems unlikely that they ever will.

Bizzarely it makes the situation even clearer here on its own website

http://www.elitebankgroup.co.uk/faqs.html

What do I need to keep my FSP in legal good standing?
You need to maintain a physical office in New Zealand which is compliant with the Companies Act 1993 for Registered Office purposes. The office must also be considered a physical "place of business" in accordance with the FSP legislation. Virtual office solutions and mail forwarding addresses do not qualify. An FSP is also required to file annual returns to the Companies Register as well as to the FSP Register.

They themselves possess neither a NZ company registration nor a physical place of business in NZ.

Finally, for the time being, you might care to look at this document.

http://www.elitebankgroup.co.uk/pdf/private-bank-application.pdf

I've never seen a document requiring the applicant's fingerprints :eek:
and the depth of information being required is a major concern, as well as the use of the Reserve Bank of New Zealand's name and logo on their document.

There's more, but that's enough for now.

Oldfatgrumpy

I'm at work and just tried to follow those links but got instead the "naughty boy" screen as access was blocked by the company filter, under the category "Malicious". I work for a global Big Pharma company, if they don't allow access, there's something fishy there.

paddyrg

The fact they won't provision NZ residents is an alert - NZ has strict rules about banking, but a loophole means just about anyone can set up a financial services company there as long as they don't provide it to kiwi residents.

I once was approached by 'International Finance and Trust' who had an interesting structure which involved a similar NZ front and had a very similar looking website (before the account was suspended). They traced back through Panama, whilst this company seems to trace back via Belize? It doesn't bode well.

Tangible

Several sites have flagged them up, but there is no formal warning in place. I presume that your organisation is more sensitive and cautious than most.

I have done my homework and, there's a lot more to this than I have disclosed. My original intent was merely to post a warning, but being challenged I felt I had to justify why I made the comment.

Giving too much information at this stage will merely confuse and muddy the waters. Also it's more substantive if my comments refer to the websites themselves and official New Zealand government websites detailing their regulations.

http://www.rbnz.govt.nz/finstab/nbdt/3773300.html

The Reserve Bank advises that caution should be exercised by anyone considering doing any form of business with entities that promote themselves as "New Zealand offshore finance companies", or use similar descriptions, and that offer financial services either on-line or from locations outside of New Zealand.

No such category of entity is recognised under New Zealand law.[my emphasis]

Apart from providing a warning I would also like to know if anyone has been introduced to them or come in to contact with them in any way.

paddyrg

Why choose a Belize IBC

• Confidentiality
• No statutory requirement for details of the Director, Secretary, Shareholder and Beneficial Owners to be filed with the Registry of International Business Company of Belize.
• All details of Directors, Secretary, Shareholder and Beneficial Owner are filed with the Registered Agent only.
• No Public access to details of the Company Officers, Shareholders and Beneficial Owners even if a search for the company is conducted at the Registry
• Nil taxation in Belize

Why would that look suspicious? ;-)

Tangible

Clearly a regular investment bank doesn't require the services of an intermediary to establish itself in another country and, if it is already an established investment bank, why would it want to ?

This offer may appeal to those who might believe this is an offer that represents a path to untold riches but, the application you are required to complete requires such detailed personal information, it is advisable to be be very cautious of the status of who you are providing these details to.

It isn't a registered FSP in New Zealand (by its own admission), and isn't registered as a company there either. Though using the word 'bank' in its title, it doesn't claim to be licenced by any country's regulatory authority, not even that of Belize.

For whatever purpose it might appear a path to riches for anyone wishing to acquire such a 'vanity' entity, the risk in doing so by providing very sensitive personal information to an unknown organisation is very great.

Tangible

Interestingly The Elite Bank Group does appear to have a wide online presence. Other entities claiming to form part of the group include, among others

http://www.angloirishlondon.com/

Anglo Irish Global

- who the site says are known as Anglo Irish London Ltd - a company which I can confirm is incorporated and registered at Companies House. The proprietor also has another company by the name of Anglo Irish Global Ltd registered under his name.

Anglo Irish Global and The Elite Bank Group even share the same phone number, UK office address and the same information about their set up

Anglo Irish Global is a subsidiary of Excalibur Investments (Belize) Limited registered in Belize City, Belize. Company Number 102921.

Providing Financial Services in 75 Countries Worldwide.

In fact if you ring any number for Anglo Irish Global you’ll actually get through to a number quoted as belonging to The Elite Bank Group.

Anglo Irish Dublin: +353 1 443 3393

Anglo Irish London: +44 207 608 5528

Anglo Irish New York: +001 646 845 9155

Anglo Irish Washington DC: +001 202 657 6366

Anglo Irish Hong Kong: +852 8199 9056

Anglo Irish Cape Town: +27 21 813 6266

It’s difficult to see it as an un-associated copy as all its contact details, apart from e-mail address, are the same as The Elite Bank group, of which it claims to be a part. Any organisation with a presence in the UK offering financial advice, as Anglo Irish Global does, must be registered with the FSA, which it isn’t, nor is any company with a name beginning Excalibur Investments, and this can be verified at http://www.fsa.gov.uk/register

Even companies authorised to offer financial services in another EEA country must appear on the register.

Of course the website doesn’t say it is regulated by the FSA, which would be untrue if it said it were, but just picking one service it claims to provide

advising on investments

…. is classified by the FSA as a regulated activity which it should only undertake in the UK if it authorised to do so by the FSA - it isn’t.

Interestingly the creation date of the Anglo Irish Global/Anglo Irish London Ltd website, according to its WHOIS data, precedes that of The Elite Bank Group by five months, their website having been created last month.

I would be interested to hear from anyone who has had dealing with The Elite Bank Group, Anglo Irish Global, Anglo Irish Global Ltd or Anglo Irish London Ltd, or who has been offered their services.

Tangible

The Elite Bank Group has even more entities claiming to be members.

National Bank of Libya

http://www.nationalbankoflibya.com/index.html

Libyan Oil Bank

http://www.libyanoilbank.com/

Need I say more about these two 'banks'. Their credibilty isn't helped by having contact telephone numbers in the UK and a residential address in Docklands.

They each carry the same perplexing claim to be applying to be registered as FSP's in New Zealand - why, I can't think for previously mentioned reasons.

This site is for informational purposes only. No applications for Banking Facilities can be accepted at this time pending completion of our FSP registration with the Reserve Bank of New Zealand.

Libyan Oil Bank is an associate member of Excalibur Investments (Belize) Limited T/A Elite Bank Group - Providing Banking Services in 75 Countries Worldwide.

... and another member of the group.

Israeli National Bank

http://www.israelinationalbank.com/

It isn't a bank registered in Israel which can be confirmed here

http://www.bankisrael.gov.il/deptdata/pikuah/snifim/snifhane.htm

Anyone being offered the service of any of the 'banks' mentioned in this thread should exercise extreme caution as none of them claim to have any authorisation to operate as banks and hold no current registration to act as financial advisers, by their own admission.