ALERT 2000-7
Type: Unauthorized Banking
Subject: Allied Boston Bank, Inc. (Palau)
Date: June 28, 2000 


TO:  Chief Executive Officers of All National Banks; All State Banking
     Authorities; Chairman, Board of Governors of the Federal Reserve
     System; Chairman, Federal Deposit Insurance Corporation;
     Conference of State Bank Supervisors; Deputy Comptrollers
     (Districts); Assistant Deputy Comptrollers; District Counsel and
     Examining Personnel

RE:  Allied Boston Bank, Inc. (Palau)
     100 Pine Street, Suite 2260 
     San Francisco, CA  94111
     HQ: 523 Toirois Malakal 
     Koror, Republic of Palau 96940

Information has been received that the subject is conducting banking
business in the United States without authorization.  The subject is
reported to have a bank charter issued by the Republic of Palau, with
an office in San Francisco, California.  It is advertising on the
Internet for depository business and the address in Koror, Palau, is
stated to be the location of its headquarters office.

Subject entity has no license or charter from the Office of the
Comptroller of the Currency, nor the state of California.  The state
of California, Department of Financial Institutions, issued a 
cease-and- desist order to subject on June 23, 2000. 

Any information which you may have concerning this matter should be
brought to the attention of:

               Mail Office of the Comptroller of the Currency
                    Enforcement and Compliance Division
                    250 E Street, SW, Washington, DC   20219
               Fax  (202) 874-5301   Internet  http://www.occ.treas.gov
and            
               Mail California Department of Financial Institutions
                    111 Pine Street, Suite 1100, San Francisco, CA
		    94111-5613
               Fax  415-288-8830  Internet http://www.dfi.ca.gov



                                                    
Daniel P. Stipano
Director
Enforcement and Compliance Division