NASSAU, BAHAMAS — The Securities Commission of The Bahamas (SCB) is warning the public over an online platform that it says purports to legitimate project funding institution in the country but is not licensed by the Commission or authorized to conduct business in The Bahamas.
In a notice released yesterday, the SCB noted that it has been made aware that an online platform using the name MMG Fund Services Bank may be carrying on activities in or from The Bahamas that are either registrable/licensable or illegal under one or more of the Acts.
“The Commission hereby advises the public that neither MMG Fund Services Bank nor its agents/representatives are registered with/licensed by the Commission. Therefore, any registrable/licensable activity conducted in or from The Bahamas by this entity and its agents/representatives is in violation of one or more of the Acts. If this entity or its agents/representatives claim to be legally authorized or licensed to engage in any aspect of the securities industry in or from The Bahamas, they have committed an offence and are liable for criminal prosecution and/or regulatory sanctions under the relevant laws of The Bahamas,” the Commission said.
It noted that, via its website, http://mmgfundservicesbank.com, MMG Fund Services Bank purports to be a bona fide institution in this jurisdiction and a source for project funding.
“There is no such named entity licensed or registered by the Commission and MMG Fund Services Bank is not authorized to conduct any regulated business in or from The Bahamas. The Commission notes that MMG Fund Services Bank is named similarly to the registered firm, MMG Bank and Trust Ltd., which is duly authorized to carry on securities business in or from within The Bahamas,” the Commission said.
