Switzerland’s Financial Market Supervisory Authority (FINMA) keeps updating its Warning List, with the latest addition being City Bank.
The company claims to have an address in Switzerland: Square de l’académie, 1205 Genf and is operating at www.citybank-us.com.
The inclusion of City Bank in FINMA’s Warning List means that it might be operating without a licence although its service requires authorization and should be supervised by the Swiss regulator. When FINMA gets information that a provider is operating without authorization, it checks the matter. In case the initial suspicions are confirmed, FINMA can launch enforcement proceedings and impose measures of varying severity, including closing the company down.
To view the warning, click here.