The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public in Hong Kong to a suspected internet fraud involving "Pacific Asian Bank", a website with the domain name "www.pabbank.com". According to the website, "Pacific Asian Bank" is an investment bank chartered in Canada and operating out of Samoa. The website claims that "Pacific Asian Bank" offers a number of banking and investment services to both individuals and corporations throughout the world. It was reported that the name of "Pacific Asian Bank" was found displayed in one public area.
The public should be aware that "Pacific Asian Bank" is not authorized under the Banking Ordinance to carry on banking business or the business of taking deposits in Hong Kong, nor does it have a representative office in Hong Kong. The HKMA has verified with the Canadian financial regulator that "Pacific Asian Bank" is not registered with it in any capacity.
The HKMA has already referred the case to the Hong Kong Police Force for further investigation and to take appropriate action in relation to the website. Anyone who has dealings with "Pacific Asian Bank" should contact any local Police Station or Commercial Crime Bureau, the Hong Kong Police Force at 2860 5012.
"Members of the public in Hong Kong are reminded to verify the status of any organisation making use of the internet to solicit deposits from the public," said an HKMA spokesperson. "Only authorized institutions regulated under the Banking Ordinance are allowed to carry on banking business or the business of taking deposits in Hong Kong. A list of authorized institutions is available on the HKMA's website (www.hkma.gov.hk). Members of the public may also check the status of any entity in Hong Kong which solicits deposits from the public with the HKMA by calling its public enquiry hotline 2878 8222."
For further enquiries, please contact:
Kevin Ip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
31 October 2003