NASSAU, BAHAMAS — The Financial Intelligence Unit (FIU) Bahamas is advising members of the public, and in particular personnel within financial institutions, law firms and real estate companies, to exercise extreme caution while conducting know-your-customer (KYC) procedures.
The FIU has in recent months seen an increase in suspicious transaction reports (STR) where an individual contacts a real estate agent or law firm via email, requesting the assistance of or representation from these institutions with respect to the purchase of real estate in The Bahamas.
Once the individual has been made aware of the retainer amount and the necessary KYC documentation, they would forward the documentation in support to the request; however, all of the documents are fraudulent.
Additionally, the retainer amount would be overstated and either sent directly to the law firm or the law firm’s banking institution. The individual would immediately request a refund of the overstated amount with the hopes that the funds are remitted prior to the cheque being cleared.
The individual in question is purporting to be a citizen of the United States of America residing in the state of Washington and has a few aliases, namely:
- Andrew Franklin
- Franklin Andrew
- Frank Andrews
- Frank Andrew
Any individual or financial institution that has been approached by someone using any of these names or a variation thereof, and who fits the description as noted, is asked to please contact the FIU immediately.
Additionally, it is recommended that institutions refrain from depositing any cheques remitted to the institution and discontinue any communication with the individual.
The FIU said it appears as if the individual is targeting The Bahamas and therefore, all financial institutions, in particular laws firms and real estate agents, should take extreme caution in this regard.
For more information, please visit the News and Releases section of the FIU’s website at www.fiubahamas.org.bs or contact the FIU directly at director.fiu@fiubahamas.bs.
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