The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a fake letter in which the DFSA, the Chairman of the DFSA, and the UAE Financial Intelligence Unit were impersonated.

The letter was sent to a member of the public and relates to a no objection certificate which purports to be from the DFSA’s Chairman. The letter refers to a “DEPARTMENT OF SERVICE COMPLIANCE” and is titled:

“RE: NO OBJECTION CERTIFICATE FOR FUNDER FULL DISCLOSURE”

The letter states:

“Bearing your application reference 20241509 and request to secure a "No Objection Certificate" (NOC) dated 15th of August 2024 permitting you to make a FULL DISCLOSURE of the Funder's Identity… and having paid the Statutory ($1,635.00) as well as providing all supporting and required documental evidence to establish your Prove of Purpose. 

Please be informed that after the Compliance's review of your request… You are… granted the PERMISSION as well as NO OBJECTION to provide the information as requested by the Banks being part of the Zimbabwe's Central Bank's Regulatory Compliance.”

The letter then lists the net fee and total chargeable amount as USD70,000 or AED equivalent.

In an attempt to make the scam seem authentic, the scammer fraudulently used the DFSA’s logo, the UAE Financial Intelligence Unit’s logo, and the position and signature stamp of the DFSA’s Chairman without permission.

The DFSA informs you that:

• the letter is false, fraudulent and was not sent by the DFSA;
• the letter is false, fraudulent and was not sent by the UAE Financial Intelligence Unit;
• the DFSA does not provide no objection certificates permitting persons to make ‘full disclosure’ of a ‘funder’s identity’; and
•  the DFSA does not charge for no objection 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 this scam.

The DFSA has a page on its website dedicated to alerts which it 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 Dubai International Financial Centre (DIFC) Authority, DFSA or a DFSA regulated firm, you should direct your concerns to the DIFC Authority on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function on: COMPLAINTS