Ireland Regulatory Updates

Key dates

2026-06-08

The Central Bank published Consultation Paper CP168 on Guidance on Money Market Fund Weekly Liquid Asset levels.

2026-08-03 Deadline

The consultation period for CP168 closed.

2026-10-30

The Central Bank published the CP168 Feedback Statement and final Guidance on Money Market Fund Weekly Liquid Asset levels.

Suggested considerations

• Firms should assess each affected fund's current and projected WLA against the 40% resilience level for Public Debt CNAV and LVNAV funds and the 20% level for VNAV funds.
• MMF managers may wish to update liquidity-risk frameworks, liquidity monitoring, stress-testing assumptions, escalation triggers and board or risk-committee reporting to reflect the resilience levels.
• Compliance and risk teams should document how temporary movements below a resilience level will be assessed in the context of the fund's overall liquidity position, redemption profile, asset liquidity and market conditions.
• Managers should establish or validate procedures for prompt escalation and notification to the Central Bank where WLA remains below the applicable resilience level for more than 10 business days or where a prolonged or substantial deviation is anticipated.
• Firms should retain evidence supporting WLA calculations, stress-test outputs, escalation decisions, explanations for deviations and communications with the Central Bank.
• Fund managers may wish to review liquidity-related disclosures and prospectus language, although independent commentary indicates that the Guidance is primarily expected to require internal liquidity-management changes rather than prospectus amendments.
• Irish MMF managers should monitor related developments from the European Commission, ESMA, the French AMF and Luxembourg CSSF because the Guidance forms part of a coordinated European supervisory approach.

What changed

The Guidance expects Public Debt Constant Net Asset Value (CNAV) and Low Volatility Net Asset Value (LVNAV) money market funds to maintain weekly liquid assets (WLA) at a market-resilience level of 40%, and Variable Net Asset Value (VNAV) money market funds to maintain WLA at 20%. These levels exceed the minimum WLA requirements in Article 24 of Regulation (EU) 2017/1131, which are generally 30% for Public Debt CNAV and LVNAV funds and 15% for VNAV funds.

Key dates

2019-05-30

The Central Bank’s ASP investigation into PTSB concluded; PTSB had admitted 42 regulatory breaches and received a €21 million fine and reprimand.

2023-12-01

The Central Bank published ASP Guidelines providing further detail on its inquiry process; the exact publication day is not specified in the source, so this date denotes December 2023 only.

2025-04-23

The Central Bank Inquiry Decision concerning PTSB and David Guinane was issued.

2026-10-22

IFSAT published its decision, upheld Mr Guinane’s appeal and overturned the Inquiry Decision; the Central Bank stated that it does not propose to appeal.

Suggested considerations

• Compliance teams may wish to record the IFSAT outcome in enforcement-risk assessments and monitor the High Court confirmation process.
• Banks and mortgage lenders may wish to review open or potential individual-enforcement matters involving historic conduct to confirm that the alleged contraventions, issues for determination, evidential basis and proposed sanctions have been clearly particularised and communicated.
• Firms may wish to preserve governance records showing how customer-impact risks, escalation decisions, approvals and follow-up controls were assessed, particularly for tracker mortgage, conduct and legacy remediation matters.
• Legal and compliance teams may wish to assess whether the reasoning reported in the decision has implications for ongoing Central Bank inquiries, including fair-notice, statutory-authority, procedural-fairness and reasons requirements.
• Firms may wish to distinguish this case from the separate PTSB entity enforcement outcome: PTSB admitted 42 regulatory breaches and received a €21 million fine and reprimand in 2019, which this publication does not overturn.
• Firms may wish to track the Central Bank’s external review of wider enforcement activities and any revisions to inquiry procedures, ASP guidance or Individual Accountability Framework implementation.

What changed

No new regulatory obligation or rule has been introduced for firms. The specific inquiry decision against Mr Guinane has been overturned, and the Central Bank does not propose to appeal the IFSAT findings. Independent reporting indicates that IFSAT found the inquiry process and reasoning legally defective, including failures to give fair notice of certain issues and to provide adequate reasons. The Central Bank will apply to the High Court for confirmation of the IFSAT decision under the Central Bank Act 1942.

Key dates

2020-11-01

Beginning of the period during which the Central Bank found Coinbase Ireland breached safeguarding and outsourcing obligations under the Electronic Money Regulations 2011.

2025-08-19

End of the enforcement period identified by the Central Bank.

2026-10-21

Central Bank of Ireland and Coinbase Ireland reached the settlement under the undisputed-facts settlement process.

2026-10-22

Central Bank published the enforcement outcome and announced the proposed reprimand and discounted monetary penalty.

Suggested considerations

• Firms should map all safeguarding responsibilities to the specific Irish or EU-authorised entity that holds the regulatory obligation and document how the entity retains effective control despite group or third-party outsourcing.
• Compliance teams may wish to assess whether the regulated entity has sufficient local expertise, decision-making authority and management information to oversee safeguarding and challenge outsourced providers on an ongoing basis.
• Firms should consider independently validating the design of safeguarding calculations, reconciliations, treasury-rebalancing processes and designated safeguarding-account funding, including testing for data, systems and mapping errors.
• Firms may wish to perform daily or otherwise risk-appropriate reconciliations between customer liabilities, safeguarding obligations and funds held in designated accounts, with documented investigation and remediation of exceptions.
• Boards and senior management should consider whether control testing covers the complete safeguarding process, including outsourced components, and whether testing is sufficiently independent and frequent to identify prolonged shortfalls.
• Firms should review escalation procedures for safeguarding incidents, control failures, underfunding and material changes to operating models, including criteria and ownership for notifying the Central Bank of Ireland.
• Authorised firms should compare their current operating model with representations, commitments and governance arrangements submitted during authorisation and assess whether any material changes were notified to the Central Bank.
• Outsourcing registers, contracts and service-level arrangements should be reviewed to confirm clear regulatory access, audit rights, information rights, incident reporting, business-continuity provisions and accountability for safeguarding outcomes.

What changed

The publication does not introduce a new statutory rule; it applies existing obligations under the Electronic Money Regulations 2011 and establishes a substantial enforcement precedent. Coinbase Ireland admitted that it lacked an adequate outsourcing-governance framework, relied excessively on a US Coinbase Group entity, lacked sufficient local skill and expertise to oversee safeguarding, used inadequately designed and tested systems that left its designated safeguarding account underfunded, and lacked adequate escalation and reporting arrangements for material safeguarding changes.

Key dates

11 August 2026

- The Central Bank of Ireland published the warning notice naming **Abbey Croftson (CLONE)** as an unauthorised firm

Suggested considerations

• Block and escalate any customer or counterparty activity involving `abbeycroftson.com` or `[email protected]` for fraud and sanctions-style review, even though this is not a sanctions matter.
• Verify all new investment-firm counterparties against the Central Bank of Ireland’s unauthorised-firms list before onboarding, payment release, or referral acceptance.
• Review inbound complaints, payment instructions, and web leads for impersonation markers such as cloned names, copied addresses, or mismatched contact details.
• Update fraud and AML typologies to include clone-firm impersonation of regulated investment firms in Ireland.
• Notify relationship managers, operations teams, and front-line staff to escalate any contact from firms claiming to be Abbey Croftson or using similar branding.

What changed

• - The Central Bank has formally identified Abbey Croftson (CLONE) as an unauthorised investment firm / investment business firm in Ireland.
• The warning specifically lists the suspicious website as `https://abbeycroftson.com` and the email address used as `[email protected]`.
• The Central Bank states that the entity used details of a legitimate firm of a different name to deceive consumers.
• The Central Bank confirms there is no connection between the legitimate authorised firm and the fraudulent clone entity.
• The firm’s name has been published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Key dates

05 August 2026

- CBI publishes the warning notice “Comgestfx (CLONE) – Central Bank of Ireland Issues Warning on Unauthorised Firm” under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, formally designating the entity as unauthorised and alerting the market

Suggested considerations

• Verify whether any clients, prospects, or staff have received communications from domains or email addresses associated with Comgestfx (CLONE), including http://www.comgestfx.com and [email protected], and block these from internal systems and client channels.
• Update internal scam and clone‑firm watchlists and negative screening lists to include Comgestfx (CLONE), ensuring that onboarding, transaction monitoring, and client servicing teams can identify and escalate any reference to the entity.
• Communicate a targeted client alert to relevant investors and distributors, reminding them to verify firms against the CBI’s authorisation registers and clarifying that Comgest Asset Management International Limited (CAMIL) is not connected to Comgestfx (CLONE).
• Review and, where necessary, enhance financial crime, fraud, and conduct risk policies to ensure they explicitly address clone‑firm risks, impersonation of authorised entities, and obligations to report suspected unauthorised firms to the CBI.
• Ensure customer‑facing staff, relationship managers, and call‑centre teams are briefed on this specific warning and can explain to clients how to check a firm’s authorisation status and the risks of dealing with unauthorised entities.

What changed

• - The CBI has formally designated Comgestfx (CLONE) as an unauthorised investment firm / unauthorised investment business firm, explicitly stating it is not authorised to provide investment services...
• The warning specifies the clone’s website (http://www.comgestfx.com) and email address ([email protected]), enabling firms and clients to identify and block known fraudulent contact points.
• The CBI confirms that Comgestfx has cloned the name and details of Comgest Asset Management International Limited (CAMIL), and that there is no connection between the authorised firm and the...
• The firm’s name is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, demonstrating the use of CBI’s statutory powers to publicly warn about unauthorised firms.
• The CBI reiterates its reporting channels for suspected unauthorised firms (telephone and online reporting), effectively re‑emphasising expectations that market participants and consumers will...

Key dates

05 August 2026

- The Central Bank of Ireland publishes the warning notice on **Comgestrade (CLONE)** and states that it is not authorised to provide investment services in Ireland

Suggested considerations

• Update fraud controls to flag clone-firm indicators, including impersonated names, copied addresses, and use of near-identical trading names. - Train frontline, onboarding, and complaints teams to treat unauthorised-firm warning notices as red flags requiring escalation and enhanced verification.
• Escalate suspected impersonation attempts to fraud, legal, and compliance teams immediately and preserve evidence of domains, emails, and communications for investigation. #

What changed

• - The CBI has formally identified Comgestrade (CLONE) as an unauthorised provider of investment services in Ireland.
• The CBI says the entity is using the website comgestrade.com and email [email protected] as part of the unauthorised activity.
• The CBI states that the entity cloned the identity of Comgest Asset Management International Limited (CAMIL) to mislead consumers.
• The CBI confirms there is no connection between the authorised firm and the fraudulent entity.
• The warning notice has been published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, which places the matter in the formal public-warning framework used for unauthorised...

Key dates

05 August 2026

- CBI publishes the warning notice on Progestrade (CLONE) as an unauthorised investment firm / investment business firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Implement or strengthen screening of all investment counterparties, introducers and online platforms against the CBI’s “Search Unauthorised Firms” list and the authorised firm registers before any client referrals or transactions.
• Update client‑facing communications, websites, and onboarding materials to include clear warnings about clone firms, including guidance to verify firm details via the CBI register and to be wary of unsolicited investment approaches.
• Review and enhance fraud, AML / financial crime and conduct‑risk controls to explicitly address clone‑firm typologies, including monitoring for use of your firm’s name, logo or authorisation details by third parties.
• Conduct an immediate internal sweep to identify any references to, or contact with, Progestrade (CLONE), progestrade.com, or [email protected], and block or blacklist these identifiers in client‑facing and internal systems.
• For authorised firms whose names or details are vulnerable to cloning, establish a formal incident‑response plan for brand and authorisation misuse, including escalation to the CBI and law enforcement.

What changed

• - The CBI has formally designated Progestrade (CLONE), using the website progestrade.com and email [email protected], as an unauthorised investment firm and unauthorised investment business...
• The CBI explicitly confirms that Progestrade (CLONE) has cloned the name and details of Comgest Asset Management International Limited (CAMIL), a legitimately authorised firm, and that there is no...
• The firm’s name is published as a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reinforcing the CBI’s supervisory and enforcement powers over...
• The CBI reiterates that firms and individuals can and should report suspected unauthorised firms directly to the Central Bank via the designated telephone line and reporting channels.
• The warning aligns with the CBI’s broader scam‑prevention messaging, directing consumers and market participants to its financial scams resources and the central list of unauthorised firms.

Key dates

TBD (est. late 2026–2027)

- CBI will integrate the Supplemental Guidance with the Main Guidance on Fitness and Probity Investigations, Suspensions and Prohibitions as part of its wider implementation of a recent High Court judgment relating to F&P enforcement procedures

28 January 2026

- CBI launches Consultation Paper 166 on Supplemental Guidance relating to Prohibition Notices under the Fitness and Probity regime

11 March 2026

- CBI hosts an industry webinar on the Supplemental Guidance on Prohibition Notices under the Fitness and Probity regime

25 March 2026

- CP166 consultation period closes; CBI receives eight submissions from representative bodies and individuals

30 July 2026

- CBI publishes the final Supplemental Guidance on Prohibition Notices under the Fitness and Probity Regime and the Feedback Statement on CP166

Suggested considerations

• Update Fitness and Probity policies, procedures, and governance frameworks to explicitly address the possibility of Prohibition Notices, including criteria for escalation, internal investigation standards, record‑keeping, and engagement protocols with the CBI during prohibition-related processes.
• Ensure Board and senior management, including PCF role holders and HR/legal/compliance leads, are briefed on the new prohibition guidance, the publication policy, and the enhanced transparency of outcomes so that they understand the personal and organisational consequences of F&P failings.
• Strengthen documentation and retention of supervisory, disciplinary, compliance and performance records for CF and PCF holders to ensure that, if a prohibition is contemplated, the firm can provide a coherent, contemporaneous factual record to the CBI and the individual.
• Review and, where necessary, amend individual accountability frameworks (including Statements of Responsibilities and role profiles) to clearly delineate responsibilities, seniority and CF scope, given that these factors now explicitly influence the nature, scope and duration of any prohibition.
• Embed procedures to manage individuals who become subject to proposed or actual Prohibition Notices, including immediate role restrictions, notification workflows, communication protocols to boards and key stakeholders, and contingency planning for business continuity.

What changed

• - The Supplemental Guidance formally sets out the circumstances and general principles the CBI’s Prohibition Decision Maker will consider when deciding whether to impose a Prohibition Notice,...
• The guidance clarifies the decision-making framework for the nature, scope and duration of a prohibition, including whether it applies to specific controlled functions (CFs), parts of CFs, or any...
• The guidance codifies how a Prohibition Notice becomes effective, establishing that effectiveness arises either through a written agreement between the CBI and the individual concerned (prohibition...
• The guidance explains the three mechanisms by which a Prohibition Notice may be terminated or cease to have effect: (1) termination of a prohibition agreement by the CBI, (2) revocation of a...
• The Supplemental Guidance sets out CBI’s approach to requests by prohibited persons to terminate a prohibition agreement, including the factors CBI will assess when considering whether to lift or...

Key dates

End of 2026

- The ECB Governing Council is expected to make the final decision on the new banknote design

23 July 2026

- The Central Bank of Ireland publishes the press release encouraging public participation in the ECB consultation

21 September 2026

- The public survey on the shortlisted euro banknote designs closes

Suggested considerations

• Review the ECB consultation materials and assess whether your firm has any direct operational exposure to future euro banknote changes.
• Monitor ECB and Central Bank of Ireland updates for the final design decision expected around the end of 2026.
• Prepare internal stakeholder briefings for cash operations, branch operations, payments, customer service, and communications teams on the expected euro banknote redesign timeline.
• If your firm accepts or processes cash, begin a preliminary review of any systems, controls, or vendor dependencies that could be affected by future note specifications, authentication features, or rollout timing.
• Update external messaging and FAQs only after the ECB publishes the final banknote design and implementation details.

What changed

• - The ECB has published ten shortlisted design proposals for the next series of euro banknotes, based on the themes “European culture” and “Rivers and birds.”
• The ECB has opened an online public survey to gather feedback on the proposed designs.
• The survey is open until 21 September 2026.
• The ECB Governing Council is expected to make the final design decision around the end of 2026.
• The current publication does not impose any immediate compliance obligation on firms; it is a consultation and design-selection step, not an enacted regulatory rule.

Key dates

Late 2026

- Expected Governing Council decision on the final design proposal for the new euro banknote series

Subsequent years (post‑2026)

- Progressive introduction of new‑series euro banknotes into circulation, co‑circulating with existing series which retain value

21 September 2026

- Closure of the ECB public online survey on the ten shortlisted euro banknote design proposals

Suggested considerations

• Establish an internal project workstream to monitor ECB communications on the banknote redesign and plan for operational impacts on cash handling, ATM networks and merchant devices.
• Conduct a preliminary impact assessment of how new banknote security and design features may affect existing banknote sorting, authentication and recycling equipment, and identify likely upgrade or replacement needs.
• Engage with ATM and cash‑handling hardware vendors to understand expected firmware, sensor and software changes required to support the new banknote series and to secure upgrade slots ahead of issuance.
• Review and update internal cash‑handling and banknote authentication procedures, including staff training materials, to incorporate new design and security features once technical specifications are published.
• Plan customer communications strategies to explain the coexistence of old and new series banknotes, reaffirm the continued validity of previous series, and address any fraud or counterfeiting concerns.

What changed

• - The ECB has published ten shortlisted design proposals for the next series of euro banknotes, based on the two themes “European culture” and “Rivers and birds”.
• An EU‑wide online public survey has been launched to collect feedback on the shortlisted designs, forming part of the ECB’s inclusive approach to banknote design.
• The ECB’s Governing Council will select a single design proposal around the end of 2026, informed by the Design Contest Jury conclusions, technical assessments and survey results.
• The chosen design will undergo further development and testing before production, including integration of new and improved security features.
• The new series of euro banknotes will be introduced into circulation in subsequent years, alongside existing series, which will retain their legal value and continue to circulate.

Key dates

23 July 2026

- Central Bank of Ireland publishes the warning notice identifying Bates Finance Limited (CLONE) as an unauthorised investment firm and stating its lack of authorisation and cloning behaviour

Suggested considerations

• Monitor the Central Bank of Ireland’s unauthorised firms and warning notices on an ongoing basis and promptly update internal watchlists, sanctions‑style lists, and fraud‑monitoring tools to include Bates Finance Limited (CLONE).
• Update customer‑facing communications, scam warnings, and investor education materials to reference clone firms and instruct clients to verify authorisation using the Central Bank’s Registers before engaging with any investment firm.
• Review and strengthen controls for detecting and responding to clone firm activity, including monitoring for misuse of the firm’s name, logo, Companies Registration Office number, or website domain in Ireland and other jurisdictions.
• Implement procedures to immediately escalate to the Central Bank and law enforcement (e.g. An Garda Síochána) if the firm becomes aware that its identity is being cloned or if clients are approached by Bates Finance Limited (CLONE) or similar unauthorised entities.
• Enhance due‑diligence and onboarding checks to validate counterparties and intermediaries offering investment products into Ireland, ensuring they hold appropriate authorisation from the Central Bank or relevant EU/EEA regulators.

What changed

• - The Central Bank of Ireland has formally identified “Bates Finance Limited (CLONE)” as an unauthorised investment firm / investment business firm and published its details (name, website, email,...
• The warning explicitly states that Bates Finance Limited (CLONE) is not authorised to provide investment services in Ireland and is cloning an authorised firm’s details to pass itself off as...
• The Central Bank confirms that there is no connection between the legitimate authorised firm and the cloned entity using its name.
• The firm’s name is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reaffirming the Central Bank’s enforcement power to publicly name unauthorised providers.
• The warning reiterates channels for reporting suspected unauthorised firms to the Central Bank (telephone and online reporting), reinforcing expectations that firms and individuals will escalate...

Key dates

23 July 2026

- Central Bank of Ireland publishes the warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 naming Russell Administration Limited (CLONE) as an unauthorised investment firm

Suggested considerations

• Verify that your firm’s name, contact details, and regulatory authorisation information have not been cloned or misused by Russell Administration Limited (CLONE) or other similar entities, and escalate any evidence of impersonation to the Central Bank and local law enforcement.
• Update client-facing communications, including website fraud alerts and investor letters, to warn about clone firms and specifically list known identifiers (such as the Russell Administration Limited (CLONE) website, email address, and phone number) where relevant to your client base.
• Instruct front-office, call centre, and relationship management staff to advise clients to check the Central Bank Registers and unauthorised firms list before engaging with any entity claiming to be regulated in Ireland, and to report any suspicious contact immediately.
• Review and strengthen internal financial crime and fraud detection controls to include explicit screening for clone firm indicators, such as mismatched contact details, unregistered domains, and requests to transfer funds to newly introduced counterparties.
• Incorporate the Russell Administration Limited (CLONE) warning and similar Central Bank warning notices into your firm’s ongoing financial crime risk assessments and customer risk profiling, particularly for high-risk investment products and cross-border services.

What changed

• - The Central Bank of Ireland has formally designated “Russell Administration Limited (CLONE)” as an unauthorised investment firm under section 53 of the Central Bank (Supervision and Enforcement)...
• The warning confirms that Russell Administration Limited (CLONE) is not authorised to provide investment services in Ireland, and that there is no connection between this clone entity and the...
• The Central Bank has publicly disclosed specific identifiers for the unauthorised firm (website, email address, and phone number) to assist firms and consumers in recognising and blocking fraudulent...
• The notice reiterates that firms and individuals can report suspected unauthorised or clone firms directly to the Central Bank via designated telephone contact points.
• By publishing the warning, the Central Bank reinforces its policy that operating as an investment firm in Ireland without appropriate authorisation is unlawful and subject to supervisory and...

Key dates

22 July 2026 Deadline

– CBI announces the appointment of Josephine Feehily and the commissioning of an independent review of enforcement activities, with a commitment that a report including recommendations will be provided to the Governor and published in due course

TBD (post‑review publication date)

– CBI publication of the external reviewer’s report and recommendations, which will likely act as the starting point for any formal changes to the enforcement framework, processes or guidance

TBD (following CBI response to the report)

– Expected phased implementation of any accepted recommendations through updated policies, procedures, public statements, or, where necessary, legislative or regulatory amendments

Suggested considerations

• Review and document your enforcement‑facing governance, including Board and senior management oversight of investigations, decision‑making on settlement, and escalation paths, to ensure these are robust and can withstand a more structured or time‑bound enforcement approach.
• Assess whether your record‑keeping, data, and management information relating to regulatory breaches, incidents, and CBI interactions are sufficiently complete and organised to support faster and more transparent enforcement processes.
• Conduct a gap analysis of investigation procedures and response playbooks (e.g. dawn raid readiness, information requests, interviews, internal investigations) to ensure they can meet potentially tighter CBI timeliness and information‑quality expectations.
• Update Board and senior management on the launch of the enforcement review and agree a watching brief, including designation of a responsible function (e.g. Compliance or Legal) to monitor the review, its terms of reference, stakeholder engagements and eventual recommendations.
• Engage external counsel or industry associations, as appropriate, to prepare for possible consultation or stakeholder engagement opportunities during the review, including developing key messages on proportionality, timeliness, transparency and coordination with supervision.

What changed

• - The CBI has formally commissioned an independent review of its enforcement activities, covering both how enforcement is structured and how it operates in practice, rather than a narrow thematic or...
• The review mandate expressly covers the performance of enforcement activities and the role of enforcement within the wider supervisory framework, indicating that enforcement may be repositioned...
• The review will examine enforcement structures and processes, including decision‑making governance, which may result in new approval routes, escalation paths, or committee structures for opening,...
• The review will look at case‑selection criteria and processes, suggesting potential future changes to how and why firms or individuals are selected for enforcement action, and possibly the...
• Timeliness of enforcement actions is in scope, which may lead to explicit timelines or service standards for case progression, investigation milestones, and resolution, with potential knock‑on...

Key dates

17 July 2026

- CBI issues the formal warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 naming Aoncfd (CLONE) as an unauthorised firm and publishing its details

Suggested considerations

• Firms should immediately screen client referral sources, onboarding records, and any existing or prospective relationships against the identifiers published for Aoncfd (CLONE) (names, URLs, email, and purported address) and block or terminate any exposure.
• Compliance teams should update internal fraud and financial crime watchlists and sanctions‑style screening tools to include Aoncfd (CLONE) and the specific URLs, email address and address cited in the warning.
• Authorised firms, particularly Aon Solutions Ireland Limited, should conduct brand‑misuse and impersonation checks (including web‑scraping, social media monitoring and domain surveillance) to identify further clone activity and prepare incident‑response plans.
• Client‑facing staff should be briefed via targeted compliance communications to warn clients about clone firms and to ensure they direct clients to the CBI’s register and unauthorised firms list when verifying any investment provider claiming an Irish authorisation.
• Firms should review and, where necessary, enhance KYC and onboarding controls to include explicit verification of a counterparty’s regulatory authorisation in Ireland (or relevant jurisdiction) and checks for inconsistencies between provided details and registry information.

What changed

• - The CBI has formally listed Aoncfd (CLONE) as an unauthorised investment firm / investment business firm that is not permitted to provide investment services or operate as an investment firm in...
• The CBI has publicly identified Aoncfd (CLONE)’s websites, email address, and purported Dublin address to support monitoring and blocking efforts by firms and market infrastructures.
• The CBI has clarified that Aoncfd (CLONE) is a clone entity that has copied the name, address and foreign registration details (CONSOB Registration 5141) of Aon Solutions Ireland Limited, and that...
• The publication reiterates that the CBI will use its section 53 naming power under the Central Bank (Supervision and Enforcement) Act 2013 to publicly warn about unauthorised firms.
• The notice reinforces existing expectations that firms, consumers, and intermediaries should use the CBI’s authorisations register and list of unauthorised firms as part of fraud and clone‑risk...

Key dates

17 July 2026

- CBI issues the public warning notice listing Codeve Insurance Co DAC (CLONE) as an unauthorised firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Update internal unauthorised/blacklist tables and watchlists to include “Codeve Insurance Co DAC (CLONE)”, the website `https://www.codeveinsurance.com`, and the email addresses `[email protected]`, `[email protected]`, and `[email protected]`.
• Configure onboarding, third‑party due diligence and supplier management systems so that any counterparty or proposal referencing these identifiers or closely similar names triggers escalation and enhanced verification.
• Conduct an immediate screening of existing distribution, outsourcing, binder, reinsurance and fronting arrangements to confirm that no current relationships involve the clone entity or its contact details.
• Implement or reinforce a formal “clone‑firm check” in client and counterparty KYC/KYB procedures, requiring staff to verify authorisation status directly against the CBI’s registers and unauthorised firm list before entering into insurance or reinsurance arrangements linked to Ireland.
• Issue an internal compliance and financial‑crime alert to underwriting, sales, distribution, treasury and investment teams highlighting the Codeve clone, the specific identifiers, and the need to report any contact or proposals linked to this entity.

What changed

• - The CBI has formally listed “Codeve Insurance Co DAC (CLONE)” as an unauthorised insurance/reinsurance firm and insurance intermediary/distributor for Ireland.
• The CBI confirms that this entity is not authorised in Ireland to provide insurance, reinsurance or insurance distribution/intermediary services.
• The warning identifies specific contact points used by the clone: website `https://www.codeveinsurance.com` and email addresses `[email protected]`, `[email protected]` and...
• The CBI confirms that the unauthorised firm has cloned the name and details of the authorised firm CODEVE Insurance Company dac to pass itself off as that legitimate entity and deceive consumers.
• The CBI explicitly states there is no connection between the authorised CODEVE Insurance Company dac and the unauthorised clone, clarifying that the authorised firm is a victim of impersonation.

Key dates

20 July 2017

- The Prospectus Regulation entered into force at EU level

21 July 2019

- The Prospectus Regulation fully applied, and Ireland’s implementing regulations for the regime came into operation

31 March 2022

- New Irish Central Bank fee regulations for prospectus and related document approvals came into operation

7 March 2024

- The Central Bank’s revised Prospectus Regulatory Framework Q&A was published, updating operational guidance on approval, publication, and passporting matters

11 March 2024

- GEM rule amendments took effect for certain retail debt securities listings, providing related market infrastructure context

Suggested considerations

• Review all prospectus templates, disclosure checklists, and approval workflows against the amended Prospectus Regulation provisions that became fully applicable on 5 June 2026.
• Reassess transaction timetables to ensure the planned filing date allows for the 90 working day or 100 working day CBI review window, plus any needed extension request.
• Submit any request for a one-off 30 working day extension before the original approval period expires, and include the required reference details in the request.
• Confirm whether any current or planned issuance qualifies as an SME transaction, because the approval deadline differs from the standard timetable.
• Update internal sign-off procedures so legal, finance, and compliance teams can demonstrate that prospectus materials are prepared in line with the CBI’s statutory mandate and the amended EU framework.

What changed

• - Regulation (EU) 2024/2809 amends elements of the Prospectus Regulation, and those amendments fully took effect on 5 June 2026.
• The Prospectus Regulation continues to apply as the core EU framework for prospectuses, with the CBI acting as the competent authority in Ireland for approval matters.
• The CBI states that it must decide on a prospectus application within 90 working days of receipt of the initial application, or 100 working days for an SME.
• If the review exceeds the applicable working-day limit, the CBI will cease reviewing the prospectus without approving it and will notify the issuer, offeror, or person seeking admission to trading.
• A one-off extension of 30 working days may be requested before the original 90 working-day period lapses, including for SMEs.

Key dates

10 July 2026

- Central Bank of Ireland issues and publishes the warning notice against MacKay Shields UK LLP (CLONE) as an unauthorised investment firm / investment business firm / AIFM and lists its name under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Review and update client‑facing communications, website content and FAQs to warn clients about clone‑firm risks, specifically referencing messaging‑app contact details and investment apps such as NYLI and NYLIPLUS that are not associated with authorised firms.
• Implement or enhance procedures within AML / financial crime and fraud‑risk frameworks to identify and escalate interactions involving the listed email address ([email protected]) and the specified WhatsApp and telephone numbers, treating them as indicators of potential scam activity.
• Instruct front‑office, client‑relationship and call‑centre staff to verify authorisation status using the Central Bank’s public registers before acknowledging or forwarding any investment proposals that reference “MacKay Shields UK LLP” or similar branding.
• Notify internal legal and regulatory affairs teams, and where relevant the legitimate MacKay Shields UK LLP, of the clone warning to coordinate responses, client communications and potential reporting of any attempted impersonation or fraudulent use of the authorised firm’s details.
• Review existing third‑party distribution and referral arrangements to ensure counterparties are not using or promoting NYLI, NYLIPLUS or similar unregulated applications, and add contractual provisions requiring immediate notification if cloning or impersonation is suspected.

What changed

• - The Central Bank of Ireland has formally designated “MacKay Shields UK LLP (CLONE)” as an unauthorised investment firm / investment business firm / alternative investment fund manager and published...
• The notice clarifies that MacKay Shields UK LLP (CLONE) is not authorised to provide investment services, investment business services or AIFM services in Ireland and therefore any financial services...
• The Central Bank highlights that the clone firm has been offering fake investments via the applications NYLI and NYLIPLUS, emphasising a specific scam vector via investment apps rather than...
• The warning confirms that the clone firm has cloned the name and registration details of the legitimate MacKay Shields UK LLP (Central Bank register C121665), reinforcing the pattern of...
• The firm’s name is being published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, signalling that the Central Bank considers the activity sufficiently serious to warrant...

Key dates

10 July 2026

- CBI publishes the warning notice on AGF International Advisors Company Limited (CLONE) and/or Iron-Cap / IRONCAP as an unauthorised investment firm / investment business firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Review and update client‑onboarding procedures to include specific screening for the websites www.iron-cap.com and https://www.iron-cap.io and the email domains associated with Iron-Cap / IRONCAP, flagging and escalating any matches as suspected clone‑firm exposure.
• Update sanctions, fraud, and financial crime screening tools and internal watchlists to include the unauthorised firm identifiers associated with AGF International Advisors Company Limited (CLONE) and Iron-Cap / IRONCAP, ensuring alerts are generated for relevant customer or transaction hits.
• Strengthen fraud‑awareness communications to clients and staff by referencing the CBI’s financial scam materials, emphasising the risks of dealing with unauthorised firms and clone entities, and advising clients to verify firm authorisation before investing.
• Establish or update an internal escalation protocol for suspected clone‑firm activity, ensuring that all such cases are reported promptly to the CBI via the dedicated unauthorised firms reporting channels and, where applicable, to other relevant regulators.

What changed

• - The CBI has formally designated AGF International Advisors Company Limited (CLONE) and/or Iron-Cap / IRONCAP as an unauthorised investment firm / investment business firm and has published its...
• The specific websites www.iron-cap.com and https://www.iron-cap.io (including the French-language path https://www.iron-cap.io/fr/forgot-password/) have been identified as associated with this...
• The email addresses [email protected] and [email protected] have been flagged as being used by the unauthorised entity in connection with the Iron-Cap / IRONCAP investment offering.
• The CBI has reiterated that the clone is not authorised to provide investment services or investment business services in Ireland and has explicitly clarified that there is no connection whatsoever...
• The warning reinforces existing CBI expectations that Irish‑authorised firms and gatekeepers must monitor and respond to clone‑firm activity, including by reporting suspected unauthorised firms...

Key dates

10 July 2026

- CBI issues and publishes the warning notice that Arbionis is an unauthorised investment firm and is not authorised to provide investment services in Ireland, with the name published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Screen all existing and prospective counterparties, introducers, and investment product providers against the CBI unauthorised firms list, and update internal watchlists to include Arbionis and its known identifiers (name, website, phone number).
• Prohibit onboarding Arbionis as a counterparty, intermediary, or service provider and ensure no marketing, introduction, or distribution arrangements exist or are entered into with this firm.
• Conduct an immediate review of client transaction flows and communications to identify any exposure to Arbionis, including referrals, introductions, payments, or client queries referencing Arbionis or its website.
• If any exposure to Arbionis is identified, escalate to compliance and legal functions, assess potential consumer detriment, and consider notifying the Central Bank of Ireland via the dedicated phone number or online reporting channel.
• Enhance client‑facing communications and website content to warn clients about unauthorised investment firms, referencing the CBI’s financial scams guidance and explaining how clients can verify authorisation status.

What changed

• - The CBI has formally designated Arbionis as an unauthorised investment firm and published its details (name, website, phone number) as a warning notice on its website.
• The CBI has clarified that Arbionis is not authorised to provide investment services in Ireland, meaning it cannot lawfully carry out regulated investment activities in or into Ireland.
• The name Arbionis has been published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, confirming this is part of the CBI’s supervisory and enforcement toolkit against...
• The warning reiterates that market participants and the public should use the CBI’s channels (telephone line and online reporting tool) to report suspected unauthorised firms or persons.
• The CBI re‑emphasises its consumer‑protection messaging, directing individuals and firms to its dedicated financial scams information page, thereby underlining expectations that firms proactively...

Key dates

28 April 2023

– CBI previously issued a warning notice regarding a fraudulent entity cloning LGIM Managers (Europe) Limited and offering fake “Legal & General” bond investments, establishing a history of cloning activity around this authorised firm

10 July 2026

– CBI publishes the current warning notice “LGIM Managers (Europe) Limited (CLONE) – Central Bank of Ireland Issues Warning on Unauthorised Firm”, formally identifying the clone, its contact details, and its unauthorised status under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Update customer‑facing fraud warnings, website scam information pages, and client communications to include reference to the CBI warning on the LGIM clone and to explain how clients can verify whether a firm is authorised in Ireland.
• Enhance onboarding and periodic KYC / KYB procedures to include independent verification of counterparties’ authorisation status on the CBI register and cross‑check any claimed partnership with LGIM Managers (Europe) Limited, bunq Bank, or similar institutions.
• Implement or update internal guidance requiring staff to escalate immediately any client queries, introductions, or marketing materials referencing “LGIM Managers (Europe) Limited (CLONE)” or using the listed contact details to the compliance and financial crime teams.
• Conduct a targeted review of recent and ongoing distribution, referral, and introducer arrangements to identify any potential exposure to unauthorised clone entities or intermediaries misusing the LGIM brand or falsely claiming CBI authorisation.
• Train frontline staff, relationship managers, and call‑centre agents on the specific red flags associated with clones of authorised firms, including copied registration details, foreign addresses, and use of generic email domains, and on the process for verifying authorisation with the CBI.

What changed

• - The CBI has formally designated “LGIM Managers (Europe) Limited (CLONE)” as an unauthorised investment firm / investment business firm and published its details on the CBI unauthorised firms list...
• The CBI has explicitly stated that the clone entity is not authorised to operate as an investment firm or investment business firm in Ireland, thereby clarifying that any investment services offered...
• The warning identifies specific contact details associated with the scam, including email addresses [email protected] (now inactive) and [email protected], a purported address at...
• The CBI has confirmed that the clone has copied the name and registration details of the legitimate CBI‑authorised firm LGIM Managers (Europe) Limited (C173733), while emphasising that there is no...
• By publishing the firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, the CBI has activated its statutory regime for public warning notices on unauthorised firms,...

Key dates

10 July 2026

- CBI issues and publishes the Warning Notice identifying Inloovi Ireland Ltd. (Clone) as an unauthorised insurance intermediary and clone of A.R.B. Underwriting Limited t/a Buddy Travel Insurance, and lists the associated website and email addresses

Suggested considerations

• Review and update internal sanctions/blacklist and fraud‑risk lists to include “Inloovi Ireland Ltd. (Clone)”, the domain inloovi.com, and the listed email addresses, ensuring screening across onboarding, claims, complaints, and payment processing.
• Conduct an immediate counterparty and referral review to confirm that no current or proposed distribution, outsourcing, or referral arrangements involve Inloovi Ireland Ltd. (Clone) or entities using the inloovi.com domain.
• Enhance KYC and intermediary due‑diligence procedures to include explicit checks against the CBI’s unauthorised firms list and Section 53 Warning Notices before entering into any new intermediary, coverholder, or introducer arrangement.
• Update staff training (particularly for sales, claims, complaints, and contact‑centre teams) on recognising clone‑firm indicators (e.g., similar names, use of look‑alike domains, unofficial email addresses) and on escalation pathways to compliance and fraud teams.
• Review and, where necessary, enhance website monitoring and brand‑abuse detection (including domain monitoring, phishing detection, and use of take‑down services) to identify and address fraudulent websites or email domains purporting to represent the firm.

What changed

• - The CBI has formally identified “Inloovi Ireland Ltd. (Clone)” as an unauthorised insurance intermediary that is not authorised to provide insurance intermediary or insurance distribution services...
• The CBI has publicly associated specific digital identifiers with this fraudulent entity, including the website inloovi.com and email addresses [email protected], [email protected],...
• The CBI confirms that Inloovi Ireland Ltd. (Clone) has cloned details of a legitimate CBI‑authorised firm, A.R.B.
• The CBI clarifies that there is no connection whatsoever between the legitimate authorised entity and the clone firm, and the warning is intended to protect both consumers and the legitimate firm’s...
• The CBI reiterates that the name of the unauthorised firm is published under Section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reinforcing its supervisory and enforcement stance...

Key dates

26 June 2026

- CBI publishes the warning notice against Loan Empower Solution as an unauthorised retail credit firm and lists the firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Review and update internal unauthorised-firm and scam monitoring procedures to ensure Loan Empower Solution and its identifiers (name, website, address, email, telephone number) are captured in watchlists, fraud rules, and staff guidance.
• Screen recent and ongoing customer transactions and communications for any references to Loan Empower Solution or similar lending scams requesting upfront “loan fees”, and escalate any matches to fraud and compliance teams.
• Update customer-facing communications and website scam warnings to highlight the risk of advance fee fraud in retail credit, referencing the need to check the CBI registers and unauthorised-firms list before engaging with lenders.
• Ensure call centre, branch, and digital support staff are trained to identify and respond to customers approached by unauthorised lenders, including how to advise customers to verify authorisation status on the CBI website and to report suspected scams.
• Incorporate checks against the CBI unauthorised firms search into onboarding, due diligence, and third-party risk management processes for any lending-related partnerships, introducers, or lead generators.

What changed

• - The CBI has added Loan Empower Solution (website: lesolution.eu) to its public list of unauthorised firms and explicitly categorised it as an unauthorised retail credit firm operating without the...
• The CBI has publicly stated that Loan Empower Solution appears to be operating an advance fee fraud model, where upfront payments are requested for credit services that are never provided.
• The CBI has confirmed that the firm is using a purported Irish business address (The Merrion Buildings, 18–20 Merrion Street, Dublin 2, D02 XH98), a non-Irish telephone number, and a specified...
• The firm’s name has been published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reaffirming the CBI’s use of its statutory power to publicly identify entities...
• The CBI has directed the public to its unauthorised firms search and financial scams information pages, implicitly reinforcing expectations that firms promote use of these tools in their consumer...

Key dates

10 December 2025

– CBI publishes its roadmap “Regulating & Supervising Well – a more effective and efficient framework”, committing to a public consultation on a new Regulatory Impact Assessment (RIA) Framework in H1 2026 and outlining a multi‑year programme of regulatory and supervisory reforms from H1 2026 to H1 2028

22 June 2026

– CBI launches the public consultation on its approach to RIA and stakeholder consultation, alongside references to its new supervisory approach and roadmap of regulatory initiatives

H1 2026

– Target window identified in the roadmap for the public consultation on the new RIA Framework; this is now operationalised by the consultation launched on 22 June 2026

TBD (post‑30 September 2026)

– CBI will consider all submissions and publish a feedback statement setting out its finalised approach to RIA and consultation, which will then guide the design of future regulatory initiatives

H2 2026

– Roadmap foresees drafting of revised Corporate Governance Codes for consultation, which are likely to be shaped by, and potentially used to pilot, the new RIA framework and consultation approach once finalised

Suggested considerations

• Conduct an internal review of your firm’s experience with recent CBI consultations (e.g. Consumer Protection Code, governance, outsourcing, AML, reporting) and document challenges, costs, and data gaps that could be addressed through a more robust RIA and consultation framework.
• Prepare and submit a response to the CBI consultation by 30 September 2026, either directly or via relevant industry associations, setting out detailed expectations on how RIA should address compliance costs, operational impacts, proportionality for smaller firms, and implementation lead times.
• Update your regulatory affairs or public policy strategy to explicitly incorporate the emerging CBI RIA framework, including criteria for when to engage, escalation thresholds for high‑impact proposals, and internal approval processes for consultation submissions.
• For Irish‑authorised groups operating cross‑border, align your approach to CBI RIA engagement with EU‑level impact assessment practices (e.g. European Commission and ESAs) to ensure consistency in messaging and evidence on cumulative regulatory burden and competitiveness.
• Monitor subsequent CBI publications (including the forthcoming feedback statement, revised Corporate Governance Codes, and sectoral plans) to identify where the new RIA framework is being applied and to anticipate where the CBI may seek additional data or structured feedback from firms.

What changed

• - The CBI has opened a public consultation on its approach to Regulatory Impact Assessment (RIA), seeking views on how it should weigh evidence, assess costs and impacts, and structure its analysis...
• The consultation also covers the CBI’s approach to stakeholder consultation, including how it engages with industry, civil society, consumer representatives, the public, policymakers, and peer...
• The initiative sits within the CBI’s broader “more effective and efficient regulatory framework” programme, which includes a new supervisory approach and a roadmap of regulatory initiatives,...
• The CBI aims to make regulation clear, coherent and proportionate, explicitly linking rule‑making to protections for consumers, investors, and financial stability, and to the resilience of the...
• The CBI is moving towards a more structured, transparent, and evidence‑based policymaking process, where the rationale for regulatory interventions, the analysis of options, and the assessment of...

Key dates

17 June 2026

- CBI issues and publishes the warning notice that Lambestone Holding Limited (CLONE) is an unauthorised investment / investment business firm / crypto‑asset service provider and that its name is listed under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Update internal sanctions, fraud, and high‑risk entity screening lists immediately to include Lambestone Holding Limited (CLONE), its known websites, email addresses and telephone numbers, and ensure these are used in client onboarding, periodic KYC reviews and transaction monitoring.
• Instruct client‑facing and dealing staff not to refer clients to, or accept instructions from, Lambestone Holding Limited (CLONE) or any individual using the listed domains, emails or phone numbers, and document this in internal guidance.
• Review and enhance client‑due‑diligence procedures to include explicit checks for clone‑firm indicators, including mismatches between a firm’s claimed regulatory status and the CBI online registers, as well as verification against CRO records.
• Implement a formal process to monitor and log Central Bank of Ireland warning notices (and similar notices from ESMA, other EU national competent authorities, FCA, etc.) and to propagate relevant alerts across first‑ and second‑line control functions.
• Conduct targeted staff awareness and training sessions for front‑office, call‑centre, and complaints‑handling teams on clone‑firm typologies, with Lambestone Holding Limited (CLONE) used as a current example of CRO‑identity cloning.

What changed

• - The CBI has formally designated Lambestone Holding Limited (CLONE) as an unauthorised investment firm, investment business firm and crypto‑asset service provider for Ireland, and has published its...
• The warning confirms that Lambestone Holding Limited (CLONE) is not authorised to operate as an investment firm or to provide crypto‑asset services in Ireland, and therefore may not lawfully provide...
• The CBI explicitly identifies Lambestone Holding Limited (CLONE) as a “clone firm” that has copied the name, address and CRO number of a legitimate company in the Companies Registration Office (CRO)...
• The CBI clarifies that there is no connection whatsoever between the legitimate CRO‑registered company and the scam entity, thereby protecting the reputation of the genuine firm and reducing...
• The warning includes a non‑exhaustive list of websites, email domains and telephone numbers used by the clone (multiple .com domains, support and individual email accounts, and international phone...

Key dates

17 June 2026

- The Central Bank of Ireland issued the warning notice naming MakoTrade as an unauthorised investment firm

Suggested considerations

• Screen all new and existing client introductions, counterparties, and external inquiries against the CBI warning list and treat MakoTrade as unauthorised unless independently proven otherwise.
• Block or escalate any payments, transfers, or onboarding requests involving MakoTrade, its website, its email domain, or any claimed BlauStein Investitionen Gruppe affiliation.
• Update fraud and scam detection playbooks to include the CBI’s warning notice as a trigger for enhanced due diligence and referral to financial crime teams.
• Notify relationship managers, client-facing staff, and call-centre teams that MakoTrade must not be represented as authorised in Ireland.
• Review client complaints, inbound leads, and suspicious payment patterns for any contact with the listed website or email address and preserve evidence for reporting.

What changed

• - The CBI has formally identified MakoTrade as an unauthorised investment firm / unauthorised investment business firm in Ireland.
• The warning confirms that MakoTrade is not authorised to provide investment services in Ireland, regardless of any claimed affiliation with the BlauStein Investitionen Gruppe.
• The CBI has published the firm’s website address and email address used as part of its warning notice, signaling an active consumer-protection alert.
• The publication falls under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, which is the statutory basis for naming the unauthorised firm.
• The CBI directs the public to its financial scams guidance and provides a reporting route for information about unauthorised firms.

Key dates

17 June 2026

- The Central Bank of Ireland issued the warning notice identifying AllianceBernstein Limited (CLONE) as an unauthorised investment firm/investment business firm

Suggested considerations

• Verify that any entity claiming to be AllianceBernstein Limited is matched against the CBI authorisation register before any onboarding, trading, mandate acceptance, or payment activity.
• Block or escalate any contact using the email addresses [email protected] and [email protected] as potential fraud indicators.
• Update fraud and onboarding controls to detect clone-firm impersonation, including mismatches in firm name, address, domain, and regulator reference details.
• Notify client-facing teams and operations staff that the legitimate authorised firm has no connection with the clone entity and that enquiries should be independently verified.
• Refresh customer communications and website warnings to remind clients to confirm authorisation status before sharing funds or instructions.

What changed

• - The CBI has formally published AllianceBernstein Limited (CLONE) under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 as an unauthorised firm.
• The warning confirms that the clone is not authorised to provide investment firm or investment business firm services in Ireland.
• The CBI identifies the use of cloned identity details—specifically the legitimate firm’s name and address—as a deceptive tactic intended to add legitimacy to the scam.
• The notice provides the specific scam email addresses used by the unauthorised entity, which should be treated as fraud indicators in screening and client-education controls.
• The CBI reiterates that consumers and counterparties can report suspicious firms directly to the regulator and that the publication sits within its broader anti-scam warning framework.

Key dates

17 June 2026

- CBI publishes the Warning Notice naming “LARL F.S / LARL Financial Services (CLONE)” as an unauthorised firm under Section 53 of the Central Bank (Supervision and Enforcement) Act 2013 and confirms that it is not authorised to provide investment services in Ireland

Suggested considerations

• Update internal sanctions, fraud, and high‑risk entity lists to include “LARL F.S / LARL Financial Services (CLONE)” and the domains larlfs.com and larlfs-eu.com, and block these from use in onboarding, payments, and trading systems.
• Conduct an immediate review of current and recent client files, leads, and referrals to identify any exposure to or interaction with the clone entity, and where found, assess whether suspicious transaction reports or fraud notifications are required under local AML and financial crime rules.
• Issue client communications or website notices, especially if your firm’s name is similar to LARL Financial Services, warning clients about clone scams, clarifying official contact points, and instructing clients never to rely on unsolicited contact or unverified email domains.
• Update fraud‑awareness and conduct‑risk training materials for staff to cover CBI warnings on clone firms, the specific red flags (misuse of legitimate authorisation numbers, mismatched contact details, unverified websites), and the internal process to verify a firm’s authorisation status.
• Review existing distribution and introducer agreements to ensure there is an explicit prohibition on counterparties using the firm’s name, logo, or authorisation details in any way that could facilitate cloning or misrepresentation of regulatory status.

What changed

• - The CBI has formally designated “LARL F.S / LARL Financial Services (CLONE)” as an unauthorised investment firm / unauthorised investment business firm and has added it to its public list of...
• The CBI has confirmed that LARL F.S / LARL Financial Services (CLONE) is not authorised to provide investment services in Ireland and is falsely claiming to be regulated by the CBI under reference...
• The CBI has identified specific scam touchpoints used by the clone, including the website larlfs.com and email domains larlfs-eu.com and larlfs.com, enabling firms to update internal watchlists and...
• The CBI has explicitly clarified that there is no connection whatsoever between the clone entity and the legitimate authorised firm LARL Financial Services Limited (C176004), thereby protecting the...
• The warning reiterates the CBI’s use of its Section 53 powers to publish the name of firms that either provide financial services without appropriate authorisation or hold themselves out as regulated...

Key dates

17 June 2026

– CBI warning notice published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 identifying Oristan Ireland Designated Activity Company (CLONE) as an unauthorised firm

Suggested considerations

• Update internal unauthorised / fraud firm watchlists and screening tools to include “Oristan Ireland Designated Activity Company (CLONE)” and all associated domains, email addresses and phone numbers listed in the CBI notice.
• Implement or enhance name‑matching and clone‑detection controls in onboarding processes to distinguish between the legitimate Oristan Ireland DAC (as per the CBI register) and any entity using the clone websites or contacts.
• Review and adjust KYC/CDD procedures to ensure that unusual or mismatched email domains, websites, or phone numbers (particularly those not appearing on the CBI register or official corporate filings) trigger enhanced due diligence and formal second‑line review.
• Conduct a targeted communication and training for relationship managers, sales staff, call‑centre agents and client‑facing teams on the Oristan clone case and recent CBI clone‑firm warnings, with practical red‑flag indicators and escalation channels.
• Review current fraud‑risk and AML / financial crime frameworks to confirm that clone‑firm risks (including identity theft of authorised entities) are explicitly covered in risk assessments, controls, and monitoring scenarios.

What changed

• - The CBI has formally identified “Oristan Ireland Designated Activity Company (CLONE)” as an unauthorised investment firm / investment business firm / alternative investment fund manager and...
• The CBI confirms that the clone firm is not authorised in Ireland to provide investment services, investment business services, or AIFM activities, despite using the name, address and CBI...
• The warning enumerates specific fraud infrastructure used by the clone: four domains (including “oristanirelanddac.com”, “oristan-ire.com” and “oristanportal.com”), multiple email addresses...
• The CBI explicitly clarifies there is no connection whatsoever between the legitimate authorised Oristan Ireland DAC and the clone entity or its websites.
• The firm’s name is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reinforcing the statutory basis for public warning notices against unauthorised firms.

Key dates

01 January 2025

– CBI established a dedicated team to investigate and prosecute offences under financial services legislation

2025 (effective date – specific day not stated)

– The modernised Consumer Protection Code came into effect for Irish‑regulated firms

2025 (throughout the year)

– CBI implemented its new supervisory approach centred on four safeguarding outcomes and reorganised into multi‑disciplinary supervisory teams

2025 (theme year)

– CBI’s Innovation Sandbox focused on combatting financial crime, with seven projects selected on information sharing, identity verification and fraud prevention

December 2025

– CBI published “Regulating & Supervising well – a more effective and efficient framework,” detailing its simplified and outcomes‑focused regulatory framework

Suggested considerations

• Map the modernised Consumer Protection Code requirements against existing policies, procedures and customer journeys to identify and remediate gaps, particularly in digital channels, disclosure, sales practices and complaints handling.
• Update vulnerable customer policies, customer‑facing procedures, training materials and systems flags to ensure systematic identification, recording and tailored treatment of consumers in vulnerable circumstances.
• Review mortgage switching processes and documentation to ensure customers receive clear, comparative information on switching options, are not subject to unreasonable barriers or retention tactics, and that conflicts of interest are controlled and documented.
• Conduct a comprehensive review of insurance auto‑renewal practices (including communications, timing, consent mechanisms and pricing) and implement changes to align with the strengthened consumer protection expectations.
• Strengthen fraud and scam prevention frameworks by enhancing customer education, warnings, authentication, monitoring, incident response and redress processes, with particular focus on online and mobile channels.

What changed

• - The modernised Consumer Protection Code entered into effect in 2025, updating the existing Irish conduct framework to reflect digital delivery of financial services and strengthen protections in...
• Requirements on informing consumers effectively were tightened, implying higher expectations on clear, fair, not misleading disclosures across digital and traditional channels, and more robust...
• New or enhanced obligations concerning consumers in vulnerable circumstances now apply, requiring firms to identify, record and respond to vulnerability and to embed vulnerability considerations into...
• Mortgage switching processes are subject to strengthened conduct standards, increasing expectations on how options are presented, how customers are supported to switch, and how potential conflicts or...
• Insurance auto‑renewal practices are now more tightly controlled, requiring clearer pre‑renewal information, active consent and controls to mitigate consumer detriment from inertia or unsuitable...

Key dates

05 June 2026

- CBI publishes the warning notice on FTI Finance Limited (CLONE) as an unauthorised investment firm / investment business firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Screen existing and new customers against the details in the CBI warning and immediately block or enhance review of any relationships, communications, or transactions involving the listed websites or email domains linked to FTI Finance Limited (CLONE).
• Update internal fraud and financial crime watchlists to include the name “FTI Finance Limited (CLONE)” as well as the specific domains and email addresses identified in the CBI notice.
• Enhance customer‑facing verification processes to require staff to confirm the regulatory status of any firm claiming to be FTI Finance Limited against the CBI public register before onboarding, referral, or execution of transactions.
• Review and update client communications, investor education materials, and website FAQs to highlight the risks of clone firms, directing clients to verify authorisation using the CBI register and to consult CBI’s financial scams information.
• Train front‑office, call‑centre, compliance, and fraud‑operations staff on the characteristics of clone investment scams, including this specific case, and embed clear escalation procedures for suspected clone activity.

What changed

• - CBI has formally designated “FTI Finance Limited (CLONE)” as an unauthorised investment firm / investment business firm and published its details on the Central Bank’s unauthorised firms warning...
• The CBI explicitly clarifies that FTI Finance Limited (CLONE) is not authorised to operate as an investment firm or investment business firm in Ireland and therefore cannot legally provide MiFID‑type...
• The warning identifies specific websites associated with the clone entity that must be treated as high‑risk indicators in client and transaction screening: -...
• The warning identifies specific email addresses used by the clone, which should be added to firms’ fraud and sanctions‑style screening lists: - [email protected] -...
• CBI confirms that the scam entity has cloned the details of a CBI‑authorised firm of the same name, underscoring a continuing supervisory focus on clone firm scams and the expectation that regulated...

Key dates

03 June 2026

- CBI publishes the warning notice “HSBC Continental Europe (CLONE) – Central Bank of Ireland Issues Warning on Unauthorised Firm” under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Update internal sanctions / fraud / negative‑news / watchlists to include “HSBC Continental Europe (CLONE)” together with the published website, phone numbers, and email address, and ensure these are blocked or escalated on detection.
• Implement or reinforce procedures to independently verify CBI authorisation numbers and firm details directly against the CBI registers, and ensure staff understand that cloned use of an otherwise valid authorisation number is a red‑flag indicator of fraud.
• Conduct an immediate targeted review of recent and pending client interactions, payments, and investment instructions to identify any exposure to the scam entity or its contact details, and escalate any hits to financial crime and legal teams.
• Deliver targeted staff training and reminders (particularly for front‑office, call‑centre, onboarding, and complaints teams) on clone‑firm typologies, including the use of legitimate authorisation numbers (e.g., CBI00001421) by fraudulent entities.
• Enhance customer‑facing communications, website warnings, and FAQs to highlight current CBI warnings about HSBC‑branded clones and to instruct customers always to verify firm details via the official CBI registers and not via links sent in emails or on unknown websites.

What changed

• - The CBI has formally designated “HSBC Continental Europe (CLONE)” as an unauthorised banker / unauthorised firm and added it to its public unauthorised firms list.
• The CBI has identified and published the specific contact details associated with the scam entity, including the website `https://campaign.eligibility-advisorscorporate.com/`, Irish phone numbers...
• The publication confirms that the fraudulent entity has cloned both the name and details of HSBC Continental Europe and separately cloned the authorisation number CBI00001421, which belongs...
• The CBI expressly states there is no connection between Cowan Insurance Brokers Limited and the fraudulent entity, thereby clarifying that any use of that authorisation number in combination with the...
• The warning reiterates that any unauthorised provision of financial services that requires CBI authorisation is a criminal offence, reinforcing the enforcement stance seen across prior clone‑HSBC...

Key dates

03 June 2026

- CBI issues and publishes the warning notice identifying Insight Investment Solutions ICAV (CLONE) as an unauthorised ICAV and clarifying the absence of any connection with the legitimate authorised fund

Suggested considerations

• Update internal sanctions, fraud, and negative‑news screening lists and any “unauthorised firms” watchlists to include Insight Investment Solutions ICAV (CLONE) and its associated website, phone number, and email address.
• Instruct onboarding, KYC, and product‑approval teams to verify any reference to “Insight Investment Solutions ICAV” directly against the CBI registers, ensuring the Central Bank registration number and contact details match the legitimate authorised ICAV, not the clone.
• Implement or reinforce clone‑firm detection controls, including validation of firm names, registration numbers, URLs, emails, and phone numbers against official CBI (and other relevant NCA) registers before onboarding a fund, manager, or distributor.
• Circulate a targeted internal fraud/scam alert to front‑office, distribution, advisory, call‑centre, and client‑facing staff highlighting the existence of this specific clone, its identifiers, and the escalation process if approached.
• Review and, where necessary, update financial promotions and distribution due‑diligence procedures to require confirmation that any Irish ICAV referenced in marketing materials is directly verified on the CBI register and not accessed via unverified third‑party domains.

What changed

• - The CBI has formally designated *Insight Investment Solutions ICAV (CLONE)* as an unauthorised ICAV and publicly listed it as an unauthorised firm under section 53 of the Central Bank (Supervision...
• The CBI confirms the clone firm is not authorised to provide financial services in Ireland and is unlawfully using the name and Central Bank registration number of the legitimate ICAV to deceive...
• The warning explicitly clarifies that there is no connection whatsoever between the legitimate Central Bank authorised Insight Investment Solutions ICAV and the clone entity, which must now be...
• Contact details (website, telephone number, email) used by the clone are now identified by the CBI as fraudulent identifiers that should be incorporated into internal fraud and financial‑crime...
• The publication reinforces the CBI’s expectation that firms and the public report suspected unauthorised firms to the CBI and consult CBI public registers and scam guidance when verifying...

Key dates

03 June 2026

- CBI issues the Warning Notice on AMOVA Asset Management Ireland Limited (Clone), formally confirming it is unauthorised to operate as an investment firm, investment business firm or to provide crypto‑asset services in Ireland, and publishing its details under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Suggested considerations

• Configure name‑screening tools, CRM systems and vendor/onboarding databases to flag “AMOVA Asset Management Ireland Limited”, “AMOVA Asset Management Ireland Limited (Clone)”, the website domain “amova‑assets.com” and the email “admin@amova‑asset.com” as high‑risk indicators requiring escalation.
• Implement controls to distinguish between the legitimate CBI‑authorised AMOVA firm and the clone, for example by storing verified legal entity identifiers (LEIs), company registration numbers, CBI authorisation numbers and official domains for the legitimate firm.
• Train relationship managers, advisers, client‑facing staff and call‑centre teams to recognise characteristics of clone‑firm scams, including cloned names, look‑alike websites and unsolicited approaches, using this warning and recent similar CBI notices as case studies.
• Review and, where necessary, strengthen client‑communication and investor‑education materials to explain the risk of clone firms, directing clients to the CBI’s public registers and warning notices to independently verify firm authorisation.
• Enhance fraud‑risk and financial crime risk assessments to explicitly include clone‑firm risks in the investment, wealth‑management, and crypto‑asset channels, and document how these risks are mitigated (e.g. screening, call‑back controls, domain verification).

What changed

• - The CBI has formally designated “AMOVA Asset Management Ireland Limited (Clone)” as an unauthorised investment firm, investment business firm and crypto‑asset service provider for the purposes of...
• The Warning Notice confirms that the clone entity is not authorised to operate in Ireland and must not be treated as a regulated counterparty or service provider.
• The CBI explicitly clarifies there is no connection whatsoever between the Central Bank‑authorised firm of the same name and the scam entity, reinforcing expectations for firms to distinguish between...
• The publication reiterates that the entity is using website and email details (including the domain amova‑assets.com and the email admin@amova‑asset.com) to approach consumers, which should be...
• By publishing the firm name under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, the CBI reinforces its ongoing supervisory focus on clone‑firm frauds and the expectation that...

Key dates

03 June 2026

- CBI issues the warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 in relation to Apel Investments (CLONE) as an unauthorised investment firm / investment business firm

Suggested considerations

• Review and update fraud‑risk, financial‑crime, and customer‑onboarding procedures to screen against the specific Apel Investments URLs, email addresses and phone numbers listed in the CBI warning.
• Update internal watchlists and case‑management systems to flag Apel Investments and associated identifiers as a known unauthorised clone entity and ensure alerts are generated where they appear in customer interactions or transaction narratives.
• Conduct a targeted review of recent and pending client complaints, queries and transaction patterns to identify any potential exposure of clients to Apel Investments or similarly named entities.
• Enhance staff training, particularly for front‑office, contact‑centre and complaints teams, to ensure they can recognise clone‑firm indicators and correctly advise customers about unauthorised firms and the CBI warning.
• For firms with similar names or branding, prepare clear customer communications and website notices that distinguish the authorised entity from any clone and direct clients to the CBI’s warning list and scam‑awareness materials.

What changed

• - The CBI has formally listed Apel Investments (trading as Apel Financial Services Distribution) as an unauthorised investment firm / investment business firm that is not permitted to provide...
• The CBI confirms that Apel Investments is a clone of an authorised firm (APEL Financial Distribution Services Limited) and has been passing itself off as the legitimate firm to deceive consumers.
• The CBI explicitly states that there is no connection between the authorised firm and the unauthorised clone, clarifying that any services provided by Apel Investments are outside the regulated...
• The warning identifies specific websites and client portals (including trading platforms such as “metatrader” and “webtrader” paths) associated with the unauthorised firm, signalling that these URLs...
• The CBI lists multiple email addresses and phone numbers used by the unauthorised firm, effectively expanding the set of indicators firms should use in fraud‑monitoring, sanctions‑screening‑adjacent...