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Insurance Corporation

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Inactive Financial Institution Letters


December 5, 2002

SUBJECT: Entities That May Be Conducting Banking Operations in Canada or the United States without Authorization
Summary: Guaranty Pacific Trust, African Development Bank, The North American Life Assurance Company, Pacific Financial Trust Company of Toronto, and Globe Trust Financial are not authorized to operate as financial institutions in Canada. The first three also may be part of various advance fee scams, while the latter three are not associated with the ABN AMRO Group.

The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published the attached issue of its "Warning Notice" (Issue No. 37), which contains the names of entities recently brought to OSFI's attention through inquiries or complaints. Each "Warning Notice," beginning with Issue No. 4, and OSFI's latest cumulative "Warning List" may be found at

If these entities, or persons purporting to represent them, are operating in Canada, they may be violating provisions of the Bank Act (Canada) or other Canadian federal financial institution regulations. They may also be conducting unauthorized banking transactions in the United States. Any proposed transactions involving these entities should be viewed with extreme caution.

Any information about these entities may be forwarded to the FDIC's Special Activities Section, 550 17th Street, NW, Room F-4040, Washington, DC 20429, or forwarded electronically to

For your reference, FDIC Financial Institution Letters may be accessed from the FDIC's Web site at To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit

Michael J. Zamorski

Attachment (May be found at

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).

Last Updated 10/05/2002

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