The Republic of Palau Financial Institutions Commission (“FIC”) is notifying the public that a website claiming to be that of Palau International Bank Limited (“PIBL”) provides untrue information. Namely, that PIBL is a licensed institution in the Republic of Palau. PIBL is not an FIC-licensed institution and cannot operate in the Republic of Palau. The FIC cautions the public against using the services provided on the website, should the services become active. FIC is in touch with the domain provider to seek the website’s removal.
PIBL also has no relation to Palau Investment Bank (“PIB”), which is an FIC-licensed institution and is authorized to operate in the Republic of Palau.
FIC last issued a press release on PIBL in 2023, noting it was not a licensed institution in the Republic of Palau. PIBL has since been voluntarily dissolved and is no longer a corporation registered with the Corporate Registry.
FIC is the only bank licensing authority in the Republic of Palau. Under the Financial Institutions Act, 26 PNC § 1003 (a)-(b), any entity operating as a financial institution or using the word bank (or derivatives) in its name without an approved license from the FIC can face heavy fines from the FIC.
The FIC encourages any members of the public to notify the FIC if they know of any such behavior by any institution or entity, including websites, social media platforms or any sort of publications where an institution purports to be a licensed commercial bank in the Republic of Palau. The FIC also encourages entities that have questions about this matter to contact the FIC.
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