The Reserve Bank is warning the public that claims being made by an unlicensed New Zealand-based offshore investment company may be false.
First International Bancorp Limited's website says it is registered under the New Zealand Commonwealth Offshore Banking Act of 1993, but a Reserve Bank notice issued today says that legislation doesn't exist and the company is breaking other banking rules.
"This entity is not licensed or prudentially supervised by the Reserve Bank of New Zealand or any other New Zealand authority," says the RBNZ statement.
"It is not registered under the New Zealand Commonwealth Offshore Banking Act of 1993 as no such Act exists in New Zealand."
First International Bancorp Ltd is now registered with the Companies Office under the name 2188498 Limited, and is owned by Heritage Holding Group of the British Virgin Islands.
Its sole director is Victor Vilches of Florida and its New Zealand address is 69 Ridge Road, Albany an address that is notorious for hosting offshore investment companies. Over 2000 companies have been registered to that address.
Under the website heading "Six ways to earn with FIB", the company appears to offer US$100 incentives for sales agents who sign up new sales agents and clients.
The sales structure moves up in levels to Marketing Master Broker which is said to be "the highest independent level in the FIB Marketing organization" and "a unique income opportunity".
The use of the word "bancorp" in a company name is restricted by the Reserve Bank, and is to be used only by registered banks.
FIB lists its offices at Level 20 of Auckland's ASB Centre, which is a "serviced" or "virtual" office, and a phone number goes through to a dead-end recorded message.
The Reserve Bank has taken the opportunity to advise the public that caution should be exercised by anyone considering doing any form of business with entities that promote themselves as "New Zealand offshore finance companies" and that offer financial services either online or from locations outside of New Zealand.
"No such category of entity is recognised under New Zealand law," the RBNZ says.
"The entities involved are usually just registered in New Zealand as companies or limited partnerships, and they have no special status. These entities are not licensed or supervised as financial service providers by any New Zealand authority.
"They are required to register a New Zealand address, but this is usually that of a compliance agent, with the entities having no real physical presence in New Zealand. These entities are often directed or owned by persons who are not resident in New Zealand."
First International Bancorp Limited's website says it is registered under the New Zealand Commonwealth Offshore Banking Act of 1993, but a Reserve Bank notice issued today says that legislation doesn't exist and the company is breaking other banking rules.
"This entity is not licensed or prudentially supervised by the Reserve Bank of New Zealand or any other New Zealand authority," says the RBNZ statement.
"It is not registered under the New Zealand Commonwealth Offshore Banking Act of 1993 as no such Act exists in New Zealand."
First International Bancorp Ltd is now registered with the Companies Office under the name 2188498 Limited, and is owned by Heritage Holding Group of the British Virgin Islands.
Its sole director is Victor Vilches of Florida and its New Zealand address is 69 Ridge Road, Albany an address that is notorious for hosting offshore investment companies. Over 2000 companies have been registered to that address.
Under the website heading "Six ways to earn with FIB", the company appears to offer US$100 incentives for sales agents who sign up new sales agents and clients.
The sales structure moves up in levels to Marketing Master Broker which is said to be "the highest independent level in the FIB Marketing organization" and "a unique income opportunity".
The use of the word "bancorp" in a company name is restricted by the Reserve Bank, and is to be used only by registered banks.
FIB lists its offices at Level 20 of Auckland's ASB Centre, which is a "serviced" or "virtual" office, and a phone number goes through to a dead-end recorded message.
The Reserve Bank has taken the opportunity to advise the public that caution should be exercised by anyone considering doing any form of business with entities that promote themselves as "New Zealand offshore finance companies" and that offer financial services either online or from locations outside of New Zealand.
"No such category of entity is recognised under New Zealand law," the RBNZ says.
"The entities involved are usually just registered in New Zealand as companies or limited partnerships, and they have no special status. These entities are not licensed or supervised as financial service providers by any New Zealand authority.
"They are required to register a New Zealand address, but this is usually that of a compliance agent, with the entities having no real physical presence in New Zealand. These entities are often directed or owned by persons who are not resident in New Zealand."
