Loyal Bank Limited Being Investigated by FSA and FIU Over Allegations of Irregularities


The Financial Services Authority (FSA) and the Financial Intelligence Unit (FIU) have launched an investigation into allegations of financial irregularities regarding Loyal Bank Limited, an international bank licensed to operate from within SVG regulated by the (FSA).

The allegations are contained in an indictment unsealed by the United States Department of Justice on March 1st, 2018 implicating a number of companies and individuals including one of its licensees-Loyal Bank Limited, in securities fraud in several countries including the United Kingdom, the United States and Belize.

The scheme alleges stock manipulation, money laundering and other illicit operations out of which 225-thousand US dollars out of 50 million US dollars are alleged to have been facilitated by Loyal Bank Limited.

The Financial Services Authority said in a statement issued on Monday March 5th, 2018 that it has launched its own investigation into the allegations and is together with the relevant authority

For money laundering and financial crimes, the Financial Intelligence Unit, investigating the alleged action of the bank officials involved and is monitoring any actions which the bank itself is taking in view of these allegations.

It said the alleged actions taken by two senior officials of the bank are actions which are not in keeping with the laws of St. Vincent and Grenadines.

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