National Reserve Bank of Tonga Takes Swift Action Against Unlicensed Investment Entity
In a decisive move, the National Reserve Bank of Tonga (NRBT) has cracked down on an entity operating under the name “Famili Tonga USA Trading” for conducting investment activities without the required license, a violation of the Banking Act 2020.
The NRBT’s investigation revealed that Famili Tonga USA Trading was operating without the necessary banking license, contravening section 7 of the aforementioned Banking Act. As a result, the NRBT has issued a directive instructing the entity to cease all investment activities immediately. Furthermore, the NRBT has mandated that all funds collected by Famili Tonga USA Trading must be returned to the investors.
Investors who have not received their funds from Famili Tonga USA Trading as of November 10, 2023, are strongly encouraged to file a claim with the Reserve Bank. To initiate the claim process, individuals are required to submit their claims along with the necessary evidence, using the provided “Declaration” form. This form is available for pickup at the Reserve Bank’s reception desk or can be downloaded from the official Reserve Bank website.
The Reserve Bank reiterates its warning to the public, urging caution against participating in unauthorized financial activities or investments. The NRBT is steadfast in its commitment to safeguarding the financial interests of the public and maintaining the integrity of the financial system.
This swift and decisive action by the National Reserve Bank of Tonga underscores the importance of regulatory oversight in protecting investors and ensuring the stability of the financial sector.
