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Black Rated: GBH Coriolis Bank’s Regulatory Issues

GBH Coriolis Bank claims to be an offshore bank that would be licensed by M.I.S.A. in the Comoros Union. However, it turns out that this M.I.S.A. is not a regulator and therefore has no authority to issue such banking licenses. Therefore, GBH Coriolis Bank has been blacklisted by PayRate42.
GBH Coriolus Bank black listed on PayRate42

GBH Coriolis Bank presents itself as a global private bank dedicated to serving the digital-centric population and related enterprises. Established from the union of GBH Private Bank and Coriolis Banking Corporation in December 2022.  It purports to operate under a license from the MWALI INTERNATIONAL SERVICES AUTHORITY (M.I.S.A.). However, our analysis reveals concerning discrepancies.

 

Regulatory Concerns

  1. Questionable Licensing Origin: Recent data from the financial intelligence platform, FinTelegram, indicates a rising trend of financial entities alleging regulation under the Mwali International Services Authority (M.I.S.A.) based in Moheli Island, a part of the Union of Comoros. It’s intriguing that two separate websites profess to represent this supposed financial oversight body.
  2. Authentic Regulatory Oversight: It’s crucial to highlight that Moheli Island’s financial operations fall exclusively under the jurisdiction of the Central Bank of Comoros. This raises significant doubts about the validity of licenses purportedly issued by M.I.S.A.
  3. Consumer Protection Concerns: The aforementioned revelations about GBH Coriolis Bank’s licensing source naturally lead to apprehensions regarding its compliance standards. Operating without evident regulatory oversight intensifies uncertainties about the bank’s consumer protection protocols and overall business legitimacy.

Conclusion

In light of these findings, we strongly advise potential investors and clients to proceed with caution regarding GBH Coriolis Bank, especially given its association with a regulator, M.I.S.A., whose legitimacy is under question. Comprehensive due diligence is imperative when considering engagement with institutions of ambiguous regulatory standing.

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