Palau’s Financial Institution’s Commission has fallen victim to a fake or fraudulent person or entity pretending to be Palau bank licensing authority online and giving out false and misleading information on Palau’s banking and financial sector.
The entity calling itself Palau Financial Services Authority (PFSA) created a website claiming to be a bank licensing authority and providing false and misleading information on how a person or a legal entity can be licensed to operate a bank or other financial institution in Palau.
According to information released by FIC, the illegal entity website is well developed and looks like a legitimate agency. Moreover, it has copied all FIC regulations, renumbered them and change some of the requirements for obtaining a banking license.
The illegal entity site is hosted on the .pw domain which is Palau registered domain name but owned by private individual.
FIC has reported the fraudulent site to Attorney General and said it is working with for-eign and domestic partners to find persons responsible for the fraud.
FIC advises all that it is the only legal entity with bank licensing authority and “sole super-visor and regulator of financial institutions in the Republic of Palau.
It urges anyone who have interacted with to contact Financial Institu-tions Commission and provide information.
The official site for Palau’s Financial Institutions Commission remains Should anyone encounter a different site claiming to be FIC, contact Financial Intelligence Unit (FIU) immediately.

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