Corporations utilizing the term "bank” that are not regulated banks.
A recent investigation noted three (3) corporations using the term "bank" in their titles which are not listed in the OSFI index of regulated banks.
These entities are not regulated banks, and may be using misleading titles for the purposes of selling mortgages and/or land transfers. Based on these factors, the following corporations, which were incorporated on December 16, 2006, had their certificates of incorporation cancelled.
The corporations are listed as:
Key Bank Capital Management Corp. (OCN 1720190);
Key Bank Developments Limited (OCN 1720231);
Key Bank Corp. (OCN 1720189)
Before providing funds to, or doing business with, these or any other entities, it is recommended that consumers ensure these entities are not operating fraudulently and are legitimate corporations. In Ontario, all financial institutions including loan and trust companies, credit unions, caisses populaires and insurers must be licensed/ registered with the Financial Services Commission of Ontario (FSCO) or with the Office of the Superintendent of Financial Institutions (OSFI). If an entity purports to be a financial institution operating in Ontario, consumers should ensure that its name appears on the list of licensed/registered financial institutions on the FSCO or OSFI websites.
A Canada-wide anti-fraud website with related helpful information can be found at Phonebusters.
Financial Services Commission of Ontario