ADGM Regulatory Authority issues alert regarding fraudulent websites

April 3, 2021by Admin0

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) warned the financial services community and public about the false claims made by Almena Financial Brokers and Abu Dhabi Financial Brokers on their respective websites. The Brokers claimed that they are given the authority by the FSRA. This gave a wrong notion that the entities are licensed to conduct Regulated Activities in or from the Global Market.

Related Services: ADGM Practices

ADGM FSRA confirmed that Almena Financial Brokers and Abu Dhabi Financial Brokers have no authority to conduct Regulated Activity in or from the ADGM and they are not in any way attached to the ADGM activities.

FSRA’s Public Register lists all the entities that are entitled to Financial Services Permission by the FSRA to implement Regulated Activities.

On another announcement, FSRA has fined USD 5,000 to Elmar Capital SPV Limited (ECSL) for advertising about activities capability beyond the scope of the ADGM commercial license. ADGM has also issued a financial penalty of USD 10,000 for advertising as an authorized person.

ECSL was given authority to conduct the non-financial activities of a special purpose vehicle by RA; but they have advertised that they are licensed by RA to facilitate finance, brokerage services, managing and investing money, between banks and financial companies both international and local. And when contacted by RA official ECSL removed this false claim from their website.

It is the duty of the FSRA to offer a promise of protection for all its users, direct, indirect, and prospective. Elmar’s misleading claim has caused difficulty for the users and ADGM FSRA has proved that any such activities will be actioned against all the time.



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