The Sovereign Aapaitsitapii Siksikaitsitapiskahkoo Government (SASG) says it formed Niisitapi Sovereign Bank in 2021 and enacted the Sovereign Banking Act 2021 that the bank now posts as its charter and its law. That is the licensing body. On 19 April 2024 SASG wrote that the suspension of its rights and privileges “becomes permanent,” and that it “no longer authorizes” anyone to represent it in banking. On 1 November 2024 it renewed that as a “permanent suspension” and said it “does not authorize any of you” to use its names or its servers. The Monza bank licence and the insurer licence were issued in Niisitapi’s name after that revocation. No recognized government regulator lists Niisitapi as a bank either.
Each finding stands on its own and links to the primary source. None depends on the others.
In Canada, “Banking, Incorporation of Banks, and the Issue of Paper Money” is a federal power under section 91(15) of the Constitution Act, 1867. Every authorized bank appears on Schedule I, II or III of the Bank Act. As at December 31, 2025, no entity named Niisitapi appears on any of the three schedules.
Sources: Constitution Act, s. 91 · Schedule I · Schedule II · Schedule III
Section 983(2) of the Bank Act provides that any entity other than a bank that adopts a name, domain name or identifying mark including the word “bank” to describe a business in Canada, without authorization under an Act of Parliament, “is guilty of an offence.” The entity advertises an Alberta address in Standoff, T0L 1Y0.
Sources: Bank Act s. 983 · OSFI Advisory 2017-01 · niisitapisovereignbank.org
A Monza Capital site says Raben Investments Ltd. / SP Monza Bank “is also licensed by Niisitapi Sovereign Bank SASG.” On June 29, 2026 the Central Bank of The Bahamas listed “SP Monza Bank aka Raben Investments Ltd.” as not licensed under the Banks and Trust Companies Regulation Act, 2020, and on June 19 named SP Monza Bank among entities falsely claiming Bahamian licensing.
Sources: kvk.capital · CBOB Warning Notice, 29 Jun 2026 · CBOB Public Notice, 19 Jun 2026
Public Notice No. 8 of 2026 (July 23, 2026) from the Securities Commission of The Bahamas states that SP Monza Bank and its agents “are not registered with/licensed by the Commission,” have “not applied,” and that its website made a “false claim” of Bahamian licensing — an offence under Bahamian law.
Source: SCB Public Notice 8 of 2026
The entity presents itself as a central bank and financial supervisor. It names no recognized licensing authority for itself.
| Claim | Record | Status |
|---|---|---|
| Acts as “Supervisory Authority of the banking, financial and insurance sector” (niisitapicb.com) | A supervisory authority is created by statute. No Canadian statute or schedule names it; the site cites only its own “Articles of Association” and “Statutes” (Statute and Code page). | SELF-DECLARED |
| “Full Commercial Bank License issued to Monza Bank Holdings, Irvine, CA USA” (News & Resources) | An unlicensed entity cannot confer a bank license. Monza Bank Holdings advertises deposit-taking “under our sovereign banking license” and names no regulator (monzabank.com). | NO AUTHORITY |
| Raben / SP Monza “licensed in The Bahamas … and by Niisitapi Sovereign Bank SASG” (kvk.capital) | Both Bahamian regulators say otherwise (CBOB, SCB). | CONTRADICTED |
| Funded €125 million into Alltra SmartChain (PRLog release, Sept 2024) | A self-published press release. The SASG founders say they never received any financial reports or ledgers for the bank (see letters below). | UNVERIFIED |
| Branch at Moccasin Flats Plaza, Unit 5, Standoff, AB | Photographed February 14, 2025: a closed, vacant storefront (see below). | VACANT |
The 2025 SASG notice states that Moccasin Flats Plaza, Unit 5 — the address substituted onto the bank’s letterhead — “is vacant space.” These are the photographs attached to that notice.
“BANK LOCATION: Moccasin Flats Plaza, Unit 5 … is vacant space.”SASG notice, March 6, 2025
Changed “our address … to Moccasin Flats Plaza, Unit 5, Standoff, Alberta, T0L 1Y0, NIISITAPI (CANADA), a vacant office space.”SASG letter, November 1, 2024, p. 5
SASG says it formed “Niisitapi Sovereign Bank SASG” in 2021. The Sovereign Banking Act 2021, which Niisitapi posts as its charter, says it was made by the Niisitapi and its Executive Council on 6 January 2021. Those are the same founders who later declared the suspension permanent.
According to the founders’ letters, the “Niisitapi Sovereign Bank” now operating dropped “SASG” from its name, changed the government name and moved the address to Moccasin Flats Plaza without their knowledge or consent. They state the operators never provided any financial reports, ledgers or server printouts despite repeated written demands.
The November 1, 2024 letter says SASG “does not authorize any of you” to use its Blackfoot names or its KTT contract and servers, and that non-compliant persons will be referred to Interpol, Europol, the FBI and other authorities.
The charter, the Banking Act, and the licences issued under them come from this body. SASG does not hold a Canadian or Bahamian bank licence. What it revoked is the authority it says it created, including the right to use the name and to hold out licences in that name. The letters’ own words are “becomes permanent” and “does not authorize.”
The founders’ letters name Michael John Sperry of Auckland as the contact for Sparco Bank AG of Suriname and for several other companies in the Niisitapi network. He was tried in New Zealand on money-laundering charges in 2025.
According to the NZ Herald, Omega Finance head Michael Sperry went on trial in October 2025 over money received from a victim of an $800,000 investment scam. He denied receiving stolen money and said the victim “orchestrated” the payment. The Rinse Report says he faced three money-laundering charges, and that his lawyer told the court he “doesn’t dispute” receiving the money but did not know it came from a scam.
Sources: NZ Herald, Oct. 17, 2025 · Rinse Report, Oct. 22, 2025 · NZ Herald, acquittal, Nov. 2025
The November 1, 2024 SASG letter lists “SPARCO BANK SURINAME, SPARCO BANK AG (LIVING 180 PLATFORM)” among the recipients, with Michael John Sperry as its contact at Sidoredjowed 29 C, Saramacca, Suriname (p. 9). That is the same legal address that appears in Sparco Bank AG’s LEI record. The March 6, 2025 notice again lists “SPARCO BANK, SURINAME, SOUTH AMERICA: Michael John Sperry, NZ.” It was also sent to an address at a Niisitapi domain, mike.sperry@niisitapicb.org.
Sources: SASG letter, Nov. 1, 2024, pp. 8–9 · SASG email notice, Mar. 6, 2025, pp. 2, 5 (both below)
Suriname’s banking law, the Wet Toezicht Bank- en Kredietwezen 2023, bars operating as a credit institution without a licence from the Centrale Bank van Suriname (S.B. 2024 no. 4). The central bank’s published register of credit institutions as at December 31, 2024 does not include Sparco Bank AG. Its LEI record shows only a company registration (no. 86696, Chamber of Commerce of Suriname). The entity was created on June 1, 2022, and its LEI registration has lapsed.
Sources: CBvS register, Dec. 31, 2024 · GLEIF / Bloomberg LEI 254900DJKK32HSESV368
The SASG documents also list Mr. Sperry as a contact for Omega Finance Limited (Auckland), 360 Degree Holdings, Fintech Solutions, Raben Investments, and “Monza Capital LLC, SP Monza, SP Monza Bank, KVK Investments Ltd.” The company-network service Oversight Solutions lists Michael Sperry as a person of significance at Omega Finance Limited. Apart from the SASG documents, we found no public record naming him as an officer of Sparco Bank AG; its LEI record discloses no owners or officers.
Sources: SASG email notice, Mar. 6, 2025, p. 5 · Oversight Solutions profile
Monza Bank Holdings gives its location as Irvine, California. Its only stated bank licence comes from Niisitapi, and it is now promoting Monza Fund II to U.S. companies. We found no SEC filing for the fund, its sponsor or their managers.
| Claim | Record | Status |
|---|---|---|
| “Licensed Private Bank and Asset Manager,” Irvine, CA (monzabank.com) | Its terms say Monza Bank Holdings “holds a full commercial bank license from the Sovereign Niisitapi Central Bank” under the “Banking Act 2021 of Niisitapi” (Terms & Conditions). Niisitapi itself holds no licence from any recognized regulator (see Findings). A search of the FDIC’s institution database on September 27, 2026 returned no bank named Monza (FDIC BankFind). | NOT A LICENSED BANK |
| Bahamian licensing claimed on monzabank.com | The Securities Commission of The Bahamas names monzabank.com and says the entity made a “false claim” of Bahamian licensing, is not registered or licensed, and “has not applied” (Public Notice 8 of 2026). | CONTRADICTED |
| “Monza Fund II, a $500 Million Growth Fund,” announced July 7, 2026 (press release) | Described as a “private fund owned and operated by Monza Bank Holdings.” It targets “primarily companies based in the USA,” with initial investments of $5 million to $100 million in debt, equity and hybrid instruments (release). Niisitapi’s site congratulates Monza on the launch (niisitapicb.com). | U.S.-FACING |
| SEC filings for Monza Fund II or its sponsor | EDGAR full-text search (2001 to the present) found no filings mentioning “Monza Fund II,” “Monza Bank Holdings,” “Monza Financial,” “Monza Private Bank,” “Monza Asset Management” or “Ledgernorth.” No Form D mentions a Monza entity. EDGAR’s company index lists only two unrelated “Monza” registrants (EDGAR company search). Neither the SEC’s adviser database nor FINRA BrokerCheck lists a firm named Monza (IAPD, BrokerCheck). Searched September 27, 2026. | NO SEC FILING FOUND |
| Affiliate Monza Financial Inc. “licensed to operate certain financial services in all 50 US states” (Monza news page) | FinCEN’s MSB search shows a registration for Monza Financial Inc., Kalispell, Montana, received July 8, 2026. FinCEN states that a listing “is not a recommendation, certification of legitimacy, or endorsement.” Registering as an MSB is a federal registration, not a bank charter or a state licence (FinCEN MSB Registrant Search). | REGISTRATION ≠ LICENCE |
The notice names SP Monza Bank among entities “not licensed to conduct financial services in The Bahamas,” and says false licensing claims “may be intended to mislead investors and customers.” Click the page to enlarge.
Context: an issuer that sells securities in the United States under a Regulation D exemption must file a Form D with the SEC (Form D instructions). Finding no filing does not by itself establish that securities have been sold or that a violation has occurred. Investors should ask Monza for its registration or exemption basis and confirm it independently with the SEC and the California Department of Financial Protection and Innovation.
Niisitapi posts a “Sovereign Banking Act 2021” as its founding law (Banking Act of 2021 page). Part VI of that Act requires audited annual accounts and says they must be made public. We found none for any year since 2021.
“The Sovereign Bank shall cause the financial statements to be published and made publicly available.”SOVEREIGN BANKING ACT 2021, S. 34(3), P. 11
Section 33 sets the financial year to end on December 31. Section 34(1) requires the bank, “within six months after the end of each financial year,” to deliver an operations report, “audited financial statements,” “the auditor’s report,” and a projection of the next year’s income and expenditure.
Section 35 requires the statements to follow generally accepted accounting practice. They must include a statement of financial position, an operating statement, a cash-flow statement, commitments, contingent liabilities, accounting policies and prior-year comparatives. They must also show separately:
Section 36 requires a management statement signed by the Board members. Section 37 provides for qualified auditors with “full access to all books and documents.”
Source: Sovereign Banking Act 2021 (PDF), pp. 11–13 · archived copy, Sept. 27, 2026
| Period | Required by the Act | Status (Sept. 27, 2026) |
|---|---|---|
| Financial year 2021 (ends Dec. 31, 2021) | Due by June 30, 2022: operations report, audited financial statements, auditor’s report, next-year projection (s. 34(1)) | NOT PUBLISHED |
| Financial year 2022 (ends Dec. 31, 2022) | Due by June 30, 2023: operations report, audited financial statements, auditor’s report, next-year projection (s. 34(1)) | NOT PUBLISHED |
| Financial year 2023 (ends Dec. 31, 2023) | Due by June 30, 2024: operations report, audited financial statements, auditor’s report, next-year projection (s. 34(1)) | NOT PUBLISHED |
| Financial year 2024 (ends Dec. 31, 2024) | Due by June 30, 2025: operations report, audited financial statements, auditor’s report, next-year projection (s. 34(1)) | NOT PUBLISHED |
| Financial year 2025 (ends Dec. 31, 2025) | Due by June 30, 2026: operations report, audited financial statements, auditor’s report, next-year projection (s. 34(1)) | NOT PUBLISHED |
The Banking Act page links an “Audit Report Certifying the Niisitapi Sovereign Banking Act 2021 (dated 10 March 2026)” (niisitapicb.com). The file is an Adobe Acrobat Sign “Interim Agreement Report,” which is the e-signature history of a document. It is for a document titled “Sovereign Banking Act 2024 Amendments & Resolutions _ NoSchedules,” shows its status as “Archived,” and states that “A final audit report will be generated when the agreement is complete” (PDF, archived). No auditor examined any accounts.
The log records that the document was “created by Security Authentication (info@spmonzabank.com)” on 2026-03-10 from IP address 72.194.97.185. A public IP lookup places that address on a Cox Communications network in Rancho Santa Margarita, Orange County, California (ipinfo.io), near Monza’s stated Irvine location. The Act PDF itself was generated by Acrobat Sign on March 10, 2026, even though it says it was “certified on 6th day of January, 2021.” Its certification page leaves the Clerk and Speaker unnamed and unsigned (p. 24).
IP geolocation is approximate and shows the network used, not a specific person. The Act is the entity’s own document and has no force as Canadian law. It is cited here only to show that the entity does not meet the standard it sets for itself.
Niisitapi’s AUSDT stablecoin is marketed as “re-insured” by SP Monza Insurance Holdings, “a Division of SP Monza Bank.” Below are copies of the certificates, the declarations page, the insurer “licence” and the resolution behind it, as Niisitapi and its partners published them.
The 2024 certificate and policy name “AZIMA LLC, Dubai, United Arab Emirates” as the insured and certificate holder. They describe it as a “Digital Currency Deployer, Asset Manager.” No licence number, address or officer is given. We searched these registers on September 27, 2026:
Without a licence number, a Dubai company can’t be ruled out entirely. But no firm named Azima is licensed by VARA or the DFSA, and no company registered exactly as “AZIMA LLC” appears in the Dubai licence search.
If you are thinking of doing business with any of the entities or people on this page, send us the materials you received. That includes anything from brokers, “the bank,” counterparties or intermediaries. We will prepare a full due-diligence report free of charge, using our global databases and the public record.
Click any page to enlarge. Download the full redacted PDF for each document. Yellow highlights mark the passages in which SASG declares its suspension of Niisitapi rights and privileges permanent and withdraws authorization.
Links were checked on September 26–27, 2026.