MFSA warns of possible fraud

The Malta Financial Services Authority (MFSA) has become aware of what could be unauthorised and possibly fraudulent activities involving the abusive use of the name Saad Group Bank Europe Limited, a bank authorised by the MFSA which had its licence suspended by the Authority indefinitely in 2009.

This activity appears to make use of pseudonyms such as Saad Group Malta, Saad Bank Europe Limited and Saad Group Bank of Malta and of a website - http://sb.saadgroupmt.net/.

The MFSA alerted the public, in Malta and abroad, to refrain from undertaking any business or transactions with persons or entities presenting themselves as afore described or otherwise misrepresenting Saad Group Bank Europe Limited, which is not operational in terms of the suspension of its licence.

The MFSA also reminded consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made holds a licence to provide such services from the MFSA or another reputable financial services regulator.

A list of entities licensed by the MFSA is available from the Malta Financial Services Authority, and can be viewed on the MFSA website at www.mfsa.com.mt.