The website in question, ipswltd.com, had the company name of Island Private Swift Ltd and an email address of info@ipswltd.com.

The island regulator said the website claimed “to represent the company and states that it has an Isle of Man address, namely IPS House, 49C-B Circular Road, Douglas, Isle of Man IM1 1AZ. As far as we can ascertain there is no such legitimate address in the Isle of Man”.

The website also purported to offer a wide range of financial products including but not limited to money transfer and foreign exchange services.

The regulator further said it had seen emails from the potentially bogus company signed off by a Dr. Abdul Wahab as Director, Foreign Currency Operations within the organisation.

It had failed to establish any association between the website and any genuine Isle of Man companies or businesses, and further pointed out that to offer the financial services and products mentioned within the website in or from the Isle of Man, would require them to be licensed or registered by the Authority.

“The company is not licensed or registered with the Authority. A list of all entities licensed or registered by the Authority can be found at:https://www.iomfsa.im/register-search/

“Under the circumstances, the Authority is concerned that any person who has accessed the website may potentially become the victim of fraud, or it may be an attempt at gaining personal data from the browser in order to steal their identity.”

The ‘at-a-glance’ timetable for 2024/25 offers a snapshot of the regulator’s forthcoming data requests, thematic reviews, inspections, events, consultations, and reports.

The regulator said the intention was to keep island firms and other stakeholders informed of developments by providing advance notice of its key milestones where possible.

By publishing the calendar online and updating it on a regular basis it would assist firms with their forward planning, particularly in relation to anticipated demands on compliance functions.

In addition to a high-level overview of its activities, island regulator is also compiling a more detailed breakdown of requirements in relation to data returns by class of licence.

Bettina Roth, chief executive officer, said: ‘We continue to work closely with industry and are seeking to help firms by providing even more visibility of what we have coming down the tracks. The Authority will be stepping up its engagement in the time ahead, as well as requesting more information from certain firms and sectors in line with our data-driven approach to supervision.’

She added: ‘By publishing a rolling calendar of our activities, we hope to raise awareness of when we will be reaching out to stakeholders for data that supports our efforts to protect consumers, reduce financial crime, and maintain confidence in the finance sector.’