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SPECIAL ALERT

BSA/AML, OFAC and Fraud
August 28, 2001


TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Entities That May Be Conducting Banking Operations in Canada or the United States Without Authorization

The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published the attached "Monthly Warning Advisory" (Issue No. 17), which contains the names of entities recently brought to OSFI's attention through an inquiry or complaint. Each "Monthly Warning Advisory," beginning with Issue No. 4, and OSFI's latest cumulative "Warning Circular" may be found at http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=166.

If these entities, or persons purporting to represent them, are operating in Canada, they may be violating provisions of the Bank Act (Canada) or other Canadian federal financial institution regulations. They may also be conducting unauthorized banking transactions in the United States. Any proposed transactions involving these entities should be viewed with extreme caution.

We were informed that the Bank of North America, Fort Lauderdale, Florida, is not associated in any manner with the Bank of North America (Canada); the United Security Bank, Spokane, Washington, is not associated in any manner with the United Security Bank Limited (Canada); the First United Bank, Dimmitt, Texas, is not associated in any manner with the First United Bank (Canada); and the First American International Bank, Brooklyn, New York, is not associated in any manner with the First American International Bank, Ltd. (or Inc.) listed on OSFI's latest "Warning Circular."

Any information about these entities should be forwarded to the FDIC's Special Activities Section, 550 17th Street, NW, Room F-6012, Washington, DC 20429.

For your reference, all FDIC Financial Institution Letters published since January of 1995 may be found on the FDIC's Web site at www.fdic.gov under "Newsroom, Events & FOIA." To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit http://www.fdic.gov/news/news/announcements/index.html .

Michael J. Zamorski
Acting Director

Attachment: Monthly Warning Advisory, Issue No. 17 – July 2001
(PDF 23 KB File - PDF Help or Hard Copy )

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).


Last Updated: August 28, 2001