The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a fake letter in which both the DFSA and two members of its Executive Team were impersonated.

The scammers sent a false letter purportedly from the DFSA’s Chief Operating Officer and former Head of Enforcement which fraudulently:

• states to a company (the Company) that it has successfully opened a company account with a UAE Bank;
• states to the Company that it is required to produce two certificates – namely, a “Certificate of Good Standing”, and a “Trade License or Certificate of Incorporation” – so that its operations for “seamless and tax-exempt activities with the UAE” can be properly documented;
• asks the Company to pay EUR69,500.00 for the generation of a “Special Unique Identifier Reference Number” which is required to obtain the two certificates; and
• states that, because the Company has not produced the two certificates, its company account has been placed under temporary suspension.

In an attempt to make the scam seem authentic, the scammers have fraudulently included in the letter:

• the DFSA’s logo;
• two fake DFSA stamps;
• the name and position of the DFSA’s Chief Operating Officer;
• the name and position of the DFSA’s former Head of Enforcement;
• forged signatures of the DFSA’s Chief Operating Officer and the Head of Enforcement.

The DFSA informs you that:

• the letter is false, and was not sent by the DFSA;
• the signatures in the letter are forged and are not real;
• the stamps are not genuine;
• the DFSA’s logo has been used without authority;
• the DFSA does not generate “Special Unique Identifier Reference Numbers”;
• the DFSA does not facilitate the processing or issuance of “Certificates of Good Standing” and “Trade Licenses or Certificates of Incorporation”; and
• the DFSA does not charge fees for certificates nor facilitate the payment of fees for certificates.

The DFSA strongly advises you not to respond to any communications regarding this scam, and under no circumstances should you send or give any money to any party connected to the scam.

The DFSA has a page on its website dedicated to alerts which is has issued about scams. All alerts issued by the DFSA may be accessed by going to Alerts

The DFSA has also issued warnings and guidance about the common types of scams perpetrated on consumers. For more information on these scams, please go to How to avoid being scammed

The DFSA encourages consumers to refer to the list of regulated Firms and Authorised Individuals licensed by the DFSA that is available on the DFSA's Public Register

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the DIFC, DFSA or a DFSA-regulated Firm, you should direct your concerns to the DIFC on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on Complaints

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