Exposure of a Fraudulent Bank by Law&Trust International Employees

    Having provided account opening support services for over 12 years, Law&Trust International has always guaranteed uncompromising safety for its clients in this procedure. As is well known, on the eve of the New Year, when people's vigilance wanes and the level of trust among ordinary people reaches its peak, groups of fraudsters go to work—not only in everyday spheres of our lives, but also in banking. As they say, "If you're going to play, then play big."

On the eve of the New Year, our team received a task to open an account in a Philippine bank. By all appearances, the bank inspired confidence—a license from the Central Bank of the Philippines, high ratings in recent years in top lists of renowned banking and financial publications such as Global Finance, Finance Asia, The Asian Banker, and The Asset. Among other advantages were a relatively simple account opening process, a minimal package of documents, and the possibility of remote account opening. Having quickly submitted the entire document package, the account opening process was nearing completion. All that remained was to transfer a large sum as the initial minimum payment to activate the account, about which the client received personal notification. Since the Law&Trust International team monitors the entire account opening process, our staff became suspicious of the bank's provided account details.

Our cohesive and qualified team acted swiftly—we submitted a corresponding inquiry to the Central Bank of the Philippines regarding the bank where the client intended to open an account. According to the official response received by Law&Trust International, it turned out that this bank did not exist, and no banking license had been issued to it. Our employees checked all the ratings referenced by the bank on its website—the bank was absent from any of the rankings or nominations. Using our internal databases, our staff verified the bank's BIC code, which turned out to be someone else's and was used as a cover.

As a result of diligent work, Law&Trust International employees uncovered a fraudulent scheme: the bank lured potential customers with easy, fast, and remote account opening, and presented prospective clients with the condition of sending a substantial sum to activate their account to the trust company account details provided, which were supposed to be credited to the client's opened bank account under the guise of anonymous payments. Of course, after transferring the specified amount, the bank disappeared, leaving potential clients empty-handed.

One of the fundamental principles of Law&Trust International is protecting and safeguarding the interests of our clients as if they were our own. Our team took all measures to punish the fraudsters to the fullest extent of the law for attempting to defraud our client and prevent any future similar incidents. We notified the Central Bank of the Philippines and Filipino law enforcement agencies about the fraud, and they are already working on the issue based on the data and information provided by Law&Trust International, while we gladly assist them to ensure that no one else falls victim. Protect yourself and your finances. Don't be an easy target for fraudsters.

For account opening, please contact the qualified staff of Law&Trust International!