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Special Alerts

SA-196-2005
December 28, 2005


TO: CHIEF EXECUTIVE OFFICER (also of interest to Security Officer)
SUBJECT: Entity That May Be Conducting Banking Operations in Canada or the United States Without Authorization
Summary: Continental Bank of Canada may be illegally operating as a financial institution.

The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published the attached "Warning Notice" (Issue No. 66), which contains the name of an entity – Continental Bank of Canada, Toronto, Ontario, Canada (http://www.continternational.com) – recently brought to OSFI's attention.

Warning Notice No. 66 states that this entity is not an authorized federally regulated financial institution (Canadian) and may be involved in advance fee scams (see also OSFI's Warning Notice No. 23, dated February 2002). This entity, or persons purported to represent it, is reportedly operating in Canada, and may be violating provisions of the Bank Act (Canada) or other Canadian financial institution regulations. This entity may also be conducting unauthorized banking transactions in the United States. Any proposed transactions involving this entity should be viewed with extreme caution.

Each "Warning Notice," beginning with Issue No. 1 through OSFI's latest "Warning Notice," may be found at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=166.

Information about counterfeit items, cyber-fraud incidents and other fraudulent activity may be forwarded to the FDIC's Cyber-Fraud and Financial Crimes Section, 550 17th Street, N.W., Room F-4004, Washington, D.C. 20429, or transmitted electronically to alert@fdic.gov. Information related to federal deposit insurance or consumer issues should be submitted to the FDIC using an online form that can be accessed at http://www2.fdic.gov/starsmail/index.asp.

For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at www.fdic.gov/news/news/SpecialAlert/2005/index.html. To learn how to automatically receive FDIC Special Alerts through e-mail, please visit www.fdic.gov/about/subscriptions/index.html.

Christopher J. Spoth
Acting Director
Division of Supervision and Consumer Protection

Attachment: Can be found at http://www.osfi-bsif.gc.ca/app/DocRepository/1/eng/consumer/notices/Warning_Notice_66_e.pdf

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC Special Alerts may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).




Last Updated 12/28/2005 communications@fdic.gov