The Malta Financial Services Authority is warning that an entity called West City Bank is not registered in Malta or licensed here, as it is claiming. 

"The entity claims to be 'a leading provider of banking products and services to financial advisors and mortgage brokers' and also purports to be operating in and from Malta.

"West City Bank is not a Maltese registered company, nor licensed or authorised by the MFSA to provide any financial services which are required to be licensed or authorised under Maltese law. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity," it said on Monday.

The authority reiterated that consumers of financial services should not enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.

Investors should also be extra cautious when approached with offers of financial services through unconventional channels such as telephone calls or social media.

A list of entities licensed by the MFSA can be viewed on the official website of the MFSA.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, stop all transactions with the company and contact the MFSA here.

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