Central Bank of the Philippines warns public against unlicensed Bangko Maharlika and The Bank of Humanity

The Central Bank of the Philippines warned the public against transacting with Bangko Maharlika Ltd., which currently operates under the name “The Bank of Humanity.” The entity is not licensed, authorized or supervised by the central bank and is not registered with the Securities and Exchange Commission. The central bank advised consumers to verify that providers of financial products, services or investment opportunities are authorized by the appropriate government agency. People dealing with unlicensed and unsupervised entities may not receive the legal and regulatory protections applicable to institutions under central bank supervision. Information or complaints concerning the entity should be reported to the appropriate government agency or law enforcement authority.