Another FCA Warning: AMT Markets is a Cloned Chinese Broker

The British financial markets regulator, the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), issued a warning to the public recently about additional scammers found to be using the identity of a regulated UK firm to target potential Chinese speaking victims in the UK or to dope traders from China looking for a trusted British broker.

The warning this time is against a cloned firm that goes by the names of AMT Markets and AMT Futures Limited, and uses the website www.amt-markets.co.uk. The cloned firm claims to be based in the UK but the website domain is actually registered under Jiaxin Liu from Guangzhou, China. The website of the Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term scam already appears to be inaccessible following the FCA warning. The legitimate firm whose credentials the scammers appropriated, is the London- based Amalgamated Metal Trading Limited.

This warning is the latest example of what seems to be a recently growing trend of fraudsters pretending to be legitimate FX firms, by means of essentially Corporate Identity Theft. The FCA calls this type of scam “clone firm,” explaining that scammers usually use this tactic when contacting people out of the blue, and that the public should be especially wary if they have been 'cold called.'

The FCA warns that cloned firms may use the name of the genuine firm, its Firm Reference Number (FRN) or other details mixed together with the details of the clone in an effort to deceive unsuspecting clients. In April of this year, both the FCA and the Maltese Financial Services Authority (MFSA) issued warnings about FX clones and in March both the Cyprus and British regulators exposed cloned FX websites.