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07 Nov 2023, 02:40 pm | Unauthorised firm

Global Financial Services falsely claims to be regulated by the DFSA

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a company called Global Financial Services (Global) that falsely claims to be regulated by the DFSA.

According to its website (https://globalz.site/), Global offers investors a range of services including asset management, corporate finance, brokerage, providing liquidity and research. Global asks investors to transfer funds through banks or crypto exchanges, in return for those services.

On its website, Global claims to be regulated by the DFSA. The DFSA informs you that Global:

  • is not, and has never been, licensed by the DFSA to carry out any financial services in or from the DIFC; and
  •  does not hold a commercial licence from the DIFC Registrar of Companies to operate any business in or from the DIFC.

In addition, Global states that it is located in Rolex Tower, Dubai. Rolex Tower is not located in the DIFC.

In an attempt to make its business appear authentic, Global has fraudulently used the following without permission:

  • The DFSA’s name;
  • The name of another regulatory authority in the UAE;
  • The logo of a brokerage firm; and
  • The names and contact details of the board members of another legitimate brokerage firm.

The DFSA strongly advises that individuals should not respond to any communications from Global, and under no circumstances should they send any money to Global (or to any other person involved in the scam).

The DFSA suggests that firms and individuals can avoid being scammed by:

  • checking the relevant regulatory status of a person before doing business with them;
  • only doing business with firms or individuals you trust. Dealing with people you have never met may carry a higher risk; be particularly cautious when receiving unsolicited communications; and
  • obtaining independent professional advice before entering into any investment or transaction.

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), 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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