How to Use the AMF Register to Verify Any Broker — Step-by-Step

Register verification is the single most effective due diligence step available to retail consumers evaluating a financial service provider. Unlike subjective assessments of website quality or representative persuasiveness, register checks produce binary, authoritative data: the entity is either authorised for the claimed activities or it is not. This guide provides a structured, step-by-step methodology for verifying broker and adviser licences through the AMF and complementary international registers.

The procedures described here are educational. They do not replace professional legal or financial advice. They equip French residents and international consumers engaging with EU-based firms to conduct independent verification before any fund transfer.

Prerequisites: Information to Collect Before You Begin

Before accessing any register, gather the following data from the firm's website, terms of service, and representative communications:

• Legal entity name — the full registered company name, not the marketing or trading name;
• Registration number — company registration (SIREN/SIRET for French entities) and regulatory licence number;
• Registered address — as stated in legal disclosures;
• Claimed regulatory authorities — specific regulators and licence categories cited;
• Website domain — the exact URL you were directed to use.

Discrepancies between these data points and register entries are themselves significant findings, even before completing the full verification process.

Step 1: Access REGAFI — The AMF's Primary Register

REGAFI (Registre des agents financiers) is the AMF's central database of authorised financial agents in France. It covers investment firms, payment service providers, crowdfunding service providers, and other regulated categories.

1. Navigate to amf-france.org;
2. Select the REGAFI search tool (accessible via the "Registers" or "Registres" section);
3. Enter the firm's legal name — begin with the exact spelling from the website's legal notice (mentions legales);
4. If no results appear, try alternative spellings, the trading name, and partial name searches;
5. Review each result's authorised activities, status (active/suspended/revoked), and registered address.

Positive match criteria: The legal name, licence number, and address correspond to the firm's disclosures. The authorised activities include the services offered to you (e.g., reception and transmission of orders, portfolio management). Status is active.

Negative finding: No matching entry exists, or the matched entity's details differ materially from the firm's marketing materials. Treat as a stop condition pending explanation.

Step 2: Cross-Reference the AMF Company Register

Beyond REGAFI, the AMF maintains additional registers for specific categories:

• CIF Register — for financial investment advisers (conseillers en investissements financiers);
• SGP Register — for portfolio management companies;
• PSFP Register — for crowdfunding service providers.

If the firm provides advisory or management services rather than pure execution, the relevant specialist register may contain the authoritative entry. An investment firm may appear in REGAFI while its affiliated advisers appear separately in the CIF register.

Step 3: Check the AMF Blacklist and Clone Warnings

Verification is not complete with a register search alone. Concurrent blacklist screening is essential:

1. Visit amf-france.org/en/warnings/blacklists;
2. Search the firm's name, domain, and any associated trading names;
3. Separately review the clone warnings section for domains mimicking legitimate firms;
4. Document any matches with screenshot and date for your records.

A firm may fraudulently cite a legitimate company's licence number while operating from an unauthorised domain. Blacklist and clone screening catches this impersonation pattern that REGAFI alone would not reveal — because the register entry belongs to a different, legitimate entity.

Step 4: Verify EU Passporting Claims

Many firms serving French clients operate through EU passporting rights — providing services in France based on authorisation granted by another member state's regulator. When a firm claims passporting:

1. Identify the home member state regulator (e.g., CySEC in Cyprus, BaFin in Germany, CSSF in Luxembourg);
2. Verify the firm's authorisation in the home state's register;
3. Confirm the passport notification for cross-border services includes France;
4. Ensure the legal entity name is identical across both registers.

Passporting is a legitimate regulatory mechanism, but it is also frequently misrepresented by unauthorised firms. The home-state register check is non-negotiable.

Step 5: FCA Register Verification (UK Firms)

For firms claiming UK authorisation, use the FCA Financial Services Register:

1. Search by firm name and by FRN (Financial Services Register number);
2. Review "Permissions" to confirm the firm may conduct the proposed activities;
3. Check the "Address" and "Trading names" fields against the firm's website;
4. Note any FCA warnings or cancelled authorisations.

Post-Brexit, UK-authorised firms generally cannot passport MiFID services into the EU without specific arrangements. A UK firm actively soliciting French retail clients should be scrutinised for appropriate EU entity structure or exemption basis.

Step 6: CySEC Register Verification (Cyprus Firms)

Cyprus-authorised investment firms are common passporting providers in the EU. Verify via the CySEC Investment Firms Register:

1. Locate the firm by name or authorisation number;
2. Confirm status is "Authorised" and category is "CIF" (Cyprus Investment Firm);
3. Cross-check the website domain listed (if any) with the domain you were given;
4. Review CySEC public warnings for related entities.

Step 7: BaFin Database Verification (German Firms)

For German-authorised entities, consult the BaFin company database (Unternehmensdatenbank):

1. Search the institution name in the database;
2. Verify the institution type (e.g., Wertpapierinstitut — securities institution);
3. Confirm the registered office matches disclosed information;
4. Review any BaFin enforcement publications referencing the entity.

Step 8: Clone Firm Detection Protocol

Clone detection extends beyond register searches. Apply these additional checks:

• Compare the website domain age (WHOIS lookup) against the firm's claimed operating history
• Verify that contact email domains match the official domain of the registered entity
• Call the phone number listed on the regulator's register — not the number provided by the salesperson
• Check whether the AMF has published a specific clone alert for this domain
• Confirm that contractual counterparty name matches the REGAFI legal entity exactly

Clone firms survive by exploiting the gap between brand recognition and domain-level scrutiny. This protocol closes that gap.

Step 9: Document Your Findings

Maintain a verification dossier containing:

• Screenshots of register entries with timestamps;
• URLs accessed and search terms used;
• Notes on any discrepancies identified;
• Blacklist and clone screening results;
• Written record of communications with the firm's representatives regarding regulatory status.

This documentation supports complaint filing if issues arise later and demonstrates due diligence if disputes require third-party review.

Step 10: Filing Complaints with the AMF

If verification reveals an unauthorised operator, or if you have suffered harm from an unlicensed firm, file a report with the AMF:

1. Access the AMF contact portal at amf-france.org/en/contact;
2. Select the appropriate complaint or alert category;
3. Provide the firm's name, domain, representative contact details, and transaction records;
4. Attach your verification dossier and communication evidence;
5. Retain a copy of your submission for personal records.

The AMF uses consumer reports to prioritise enforcement actions and update public warnings. Reporting contributes to collective consumer protection even when individual fund recovery is uncertain.

Common Verification Errors to Avoid

Error	Consequence	Correct Approach
Searching by trading name only	Misses the legal entity in REGAFI	Always use the name from legal notices and contracts
Accepting screenshots from sales representatives	Screenshots may be fabricated	Access registers independently via official URLs
Confirming only the licence number	Number may belong to a different company (clone)	Match number, name, and address simultaneously
Skipping blacklist screening	Misses flagged unauthorised entities	Always check blacklist and clone warnings
Assuming EU flag equals AMF oversight	Non-passported offshore firms exploit EU imagery	Verify specific passport or French authorisation

Verification Outcome Matrix

After completing all steps, classify the outcome:

• Verified: Positive register match, no blacklist entries, no clone alerts, consistent entity data across sources. Proceed to contractual and product-level due diligence.
• Inconclusive: Partial matches or unexplained discrepancies. Request written clarification from the firm. Do not transfer funds until resolved.
• Failed: No register match, blacklist presence, or confirmed clone indicators. Cease engagement and report to the AMF.

Conclusion

Register verification transforms abstract regulatory concepts into actionable consumer practice. The AMF's REGAFI database, combined with blacklist screening and complementary EU register checks, provides French residents with robust tools for independent broker validation. The ten-step process outlined here requires no specialised expertise — only methodical attention to detail and a refusal to transfer funds until verification is complete.