A fake entity continues to mimic Palau’s Financial Institutions Commission (FIC), the sole financial regulator of the Republic. 

The entity called Palau Financial Services Authority (PFSA) advertises itself as Palau’s financial services regulator mimicking the Palau government’s official seal and providing false and misleading information on Palau’s banking and financial sector.

The fraudulent entity was first reported in August of 2021 and at the time was registered under a .pw domain, a Palau’s country code top-level domain (ccTLD) that is owned by an individual, not the government of Palau.

Since then, the fake entity has registered under a .org domain with the website http://palaufsr.org.  A press release by the Financial Institutions Commission (FIC) informing the public of this fake entity said that Palau is working with foreign and domestic partners to bring those responsible to justice.

The fake organization’s website is well developed to look legitimate and assumes the identity of a bank licensing authority for the Republic.  It copies all the regulations of FIC, renumbered them, and posts them on its website.  It changed some of the requirements for obtaining a bank license under the FIC regulation and post the wrong information on its website as well.

“Please be advised that the Financial Institutions Commission is the only bank licensing authority for the Republic of Palau, and the sole supervisor and regulator of financial institutions for the Republic of Palau,” declared FIC’s public notification.

FIC also request that anyone who has interacted with this website contact and provide them with information.

“Should the public encounter any other site purporting to the FIC, the Financial Intelligence Unit, please refer to our agency immediately,” urged FIC. 

Leave a comment

Your email address will not be published.