Monaco’s Financial Activities Control Commission (CCAF) has issued a public warning concerning an entity operating online under the name “FORBES PRIVATE BANK MONACO SA,” which claims to provide banking services in the Principality…
The website in question presents itself as a Monaco-based financial institution, potentially misleading clients seeking legitimate banking or investment services. The CCAF has made clear that this entity is neither a registered bank in Monaco nor an authorized company permitted to carry out regulated financial activities within the Principality. As such, it is not legally allowed to offer financial products or services to private clients in Monaco under current legislation.
Authorities are urging the public to exercise extreme caution. Any individual approached by this entity is strongly advised not to proceed with financial transactions before verifying the firm’s credentials. The regulator stresses the importance of ensuring that any company offering portfolio management or investment advice is properly accredited.
To assist with due diligence, the CCAF provides an official list of authorized institutions on its website. Investors are encouraged to consult this resource before engaging with any financial service provider.
This alert forms part of ongoing efforts to protect investors and maintain the integrity of Monaco’s financial sector, particularly in the face of increasingly sophisticated online scams targeting high-net-worth individuals.
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