Luxembourg watchdog issues public warnings about two 'unknown' entities

Luxembourg's financial watchdog has issued public warnings about the activities of two entities: Crown Managers and Le Pay Bank.

The Commission de Surveillance du Secteur Financier (CSSF) on Wednesday released two separate notices warning that both entities were "unknown to it".

The regulator said Crown Managers, which claims to be established at 5 Maison de Soins de l’Etat, 9440 Vianden, Luxembourg, had not been granted any authorisation to provide investment or other financial services in or from Luxembourg.

It said Le Pay Bank, which claims to be established at 9 Place d’Armes in Luxembourg and presents itself as an online bank, had likewise not been granted any authorisation to provide banking or financial services in or from Luxembourg.

(By Hannah Brenton, hannah.brenton@wort.lu, +352 4993 728)