05/23/2023 | Press release | Distributed by Public on 05/23/2023 23:30
23 May 2023Warning Notice
It has come to the attention of the Central Bank of Ireland ('Central Bank') that a fraudulent entity, calling itself Arch Investment ICAV and operating the website:www.archinvest-icav.com (currently active), has been operating as an investment firm / investment business firm / Irish Collective Asset-management Vehicle (ICAV) in the State in the absence of appropriate authorisations.
This unauthorised entity has cloned the details of a fund called Arch Investment ICAV, which is authorised by the Central Bank. It should be noted that there is no connection whatsoever between the Central Bank authorised Arch Investment ICAV, and the unauthorised entity that has cloned its details.
A list of unauthorised firms published to date is available on the Central Bank website.
It is a criminal offence for an unauthorised firm to provide financial services in Ireland that would require an authorisation under the relevant legislation for which the Central Bank is the responsible body for enforcing. Consumers should be aware, that if they deal with a firm that is not authorised, they are not eligible for compensation from any available compensation schemes.
Fraudsters are increasingly using legitimate firms' details to add an air of legitimacy to their fraud. The fraudsters will 'borrow' some or all of the legitimate information of an authorised / legitimate firm for the purpose of this fraud. They may quote authorisation numbers / company registration numbers and links to seemingly legitimate websites and even provide the real address of an authorised / legitimate firm. Consumers are advised to check our register to verify a firm's details and to call the firm back directly using its advertised phone number. Always access the register from our website, rather than through links in emails or on a firm's / person's website.
There are some further steps that individuals should take before dealing with firms / persons, which purport to offer financial services:
Please remember:
Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 4000. This line is also available to the public to check if a firm is authorised.
Notes to editors
The name of the above firm is published under Section 53 of the Central Bank (Supervision and Enforcement) Act 2013.