Norway FSA Relays UK FCA Warning on Blackswan Trading Clone of FCA-Registered Firm

Key Takeaways

• The Norway Financial Supervisory Authority has published a warning that references a UK FCA alert about "Blackswan Trading," a clone of an FCA-registered firm.
• Clone firms impersonate legitimate authorized entities to defraud investors, so compliance teams should update screening controls and customer-protection messaging.

Deep Dive

The notice is a cross-border warning. The source content is limited to the entity name, the issuing country (United Kingdom), and a link to the FCA warning page. The "(Clone)" designation indicates that the party using the Blackswan Trading name is not the genuine FCA-registered firm. It is most likely using that firm's name, FCA registration details, or branding to appear legitimate. Details such as specific contact information, websites, or the genuine firm's reference number are not in the text provided and should be taken from the linked FCA page.

For compliance teams, this is an intelligence update rather than a new regulatory requirement. No obligations, deadlines, or implementation timelines are introduced. The warning is dated 2026-09-03, so firms should treat it as current and confirm that watchlists and adverse-information databases include the entity. Because the Norwegian regulator has republished the alert, Norwegian residents and Norway-linked payment flows may be targeted.

Recommended actions include: - Add the clone entity name, associated domains, and any identifiers from the FCA page to sanctions, fraud, and adverse-media screening lists. - Check whether any customers, counterparties, or payment beneficiaries have transacted with the entity. - Make sure transaction monitoring rules flag payments to the entity or linked accounts, especially transfers to crypto platforms or offshore accounts. - If any exposure is identified, escalate it and consider filing a suspicious activity or transaction report with the relevant financial intelligence unit. - Share the warning with front-line and customer service staff, and consider customer-facing fraud awareness messaging. - Verify any firm's authorization directly on the regulator's official register rather than relying on details supplied by the firm.

The risk implications are moderate. Direct regulatory exposure is low unless the firm facilitates payments to the clone. The main risks are customer fraud losses, reputational harm, and potential AML control failures if payments to the scam go undetected. Clone firm scams are also a recurring typology, so this alert should feed into broader fraud and financial crime risk assessments.

Source: Norway Financial Supervisory Authority