Central Bank of Ireland Issues Warning on Unauthorised Firm –   Scam entity clones authorised Kenure ICAV

20 July 2023 Warning Notice

Warning

It has come to the attention of the Central Bank of Ireland (‘Central Bank’) that a fraudulent entity, calling itself Kenure ICAV and operating the website: www.kenure-icav.com, 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. In this instance, the fraudulent entity cloned and impersonated a legitimate Central Bank authorised fund in order to deceive customers.  Contact details used by the scam entity include:

- the email addresses:

- the phone number: +353 5157 1618

This unauthorised entity has cloned the details (name, address and Central Bank authorisation number) of a legitimate Central Bank authorised ICAV in order to add an air of legitimacy to the scam. It should be noted that there is no connection whatsoever between the Central Bank authorised firm 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:

  • Always double-check the URL and contact details of a firm / person in case it is a ‘clone firm / person’ pretending to be an authorised firm / person, such as your bank or a genuine investment firm.
  • Check the list of unauthorised firms.  If the firm / person is not on our list, do not assume it is legitimate – it may not have been reported to the Central Bank yet.
  • Check that the product being offered to you is present on the website of the legitimate company.
  • For further information, please visit the Avoiding Scams and Unauthorised Activity section of the Central Bank’s website. 

Please remember: 

  • the Central Bank will never contact you asking for money, your personal data or your PPS number; and
  • if you are offered something that seems too good to be true, it is most likely a scam

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.