Warning concerning fraudulent activities by persons misusing the name of Finare Asset Management S.A.

The CSSF has issued a public warning about fraudsters using the Finare Asset Management S.A. name. For compliance and risk teams, this is a counterparty impersonation risk rather than a new prudential rule. Firms should treat unsolicited communications, websites, documents or payment instructions purporting to come from this entity as potentially fraudulent until independently verified against CSSF registers and known contacts.

Investment managers, wealth advisers and banks should refresh front-line fraud indicators, strengthen onboarding and payment-change controls, and remind client-facing staff to escalate suspected impersonation. Client communications should explain how to verify legitimate entities and report suspicious approaches. There is no stated implementation deadline, but prompt action is prudent because impersonation scams can damage client trust and create AML, conduct and operational-risk exposure.

Actions: screen new and existing counterparties for name misuse; validate domains, email addresses and bank details through independent channels; log and report suspicious activity to the CSSF and relevant authorities; and consider targeted alerts to high-risk clients. Larger groups should coordinate across compliance, financial crime, cybersecurity and communications teams. Smaller firms can use the warning to update simple verification checklists and escalation paths.

The warning also creates an opportunity to demonstrate robust investor protection and fraud resilience to clients.