Bates Finance Limited (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

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, telephone) as part of a warning notice.
• 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 legitimate.
• 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 information about possible clones or unauthorised activ
• The publication adds Bates Finance Limited (CLONE) to the Central Bank’s running list of unauthorised firms and warnings, which must be factored into firms’ fraud‑ and scam‑screening controls.

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.
• Train front‑office, customer service, and complaints‑handling staff to recognise clone firm red flags (e.g. similar name but different contact details, unverified websites, unsolicited approaches) and to direct customers to the Central Bank’s scam‑avoidance guidance.

Key Dates

Who is Affected