Progestrade (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

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.
• Train front‑office, customer support, and complaints staff to recognise clone‑firm indicators and to advise clients on verifying firm authorisation status and reporting suspected scams.

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 firm operating without authorisation in Ireland.
• 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 connection between CAMIL and the fraudulent entity.
• 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 unauthorised activity.
• 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.
• While the legal framework is unchanged, the publication adds a new concrete example of a sophisticated clone scam in the Irish market, increasing expectations that regulated firms factor clone‑risk into their fraud, consumer protection, and onboardin

Who is affected

• EU‑authorised and Irish‑authorised investment firms and investment business firms operating in or into Ireland.
• Asset managers
• Wealth and private banking
• Broker dealers
• *capital markets / trading firms that interact with counterparties or platforms purporting to offer investment services in Ireland.
• Retail banks
• Compliance, financial crime, and conduct risk teams
• Consumers and high‑net‑worth clients