The Palau Financial Institutions Commission (FIC) issued a public notice stating that Palau International Bank Limited (PIBL) is not an FIC-licensed institution and cannot operate in the Republic of Palau, after identifying a website making false claims that PIBL is licensed. The FIC cautioned the public against using any services offered on the website should they become active. The FIC is engaging with the domain provider to seek removal of the website and clarified that PIBL has no relationship with Palau Investment Bank, which is FIC-licensed and authorised to operate in Palau. It also noted that PIBL was previously identified as unlicensed in 2023 and has since been voluntarily dissolved and is no longer registered with the Corporate Registry. Under the Financial Institutions Act, any entity operating as a financial institution or using the word “bank” (or derivatives) without an approved FIC licence may face heavy fines, and the FIC asked the public to report similar misrepresentations, including on websites and social media.

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