The Hong Kong Financial Authority (HKMA) has introduced the suspension of Mr. LI Shek Tang’s registration for 9 months, following an investigation into misconduct. The disciplinary motion was taken beneath part 58A(1) of the Banking Ordinance (Chapter 155 of the Legal guidelines of Hong Kong) and will probably be efficient from September 4, 2024, to June 3, 2025, in response to the HKMA.
Particulars of the Misconduct
The investigation revealed that in March 2023, LI photocopied a buyer’s signature on a time deposit utility type to deceive his using financial institution into believing it was initially signed by the shopper. Though this act was not carried out throughout a regulated exercise beneath the Securities and Futures Ordinance (Chapter 571 of the Legal guidelines of Hong Kong), it raised severe considerations about LI’s integrity and honesty in finishing up regulated actions.
The HKMA has decided that LI is just not a match and correct individual to be a related particular person, referencing part 129(1)(c) and (d) of the Securities and Futures Ordinance and the Match and Correct Tips issued by the Securities and Futures Fee.
Official Assertion
Mr. Raymond Chan, Government Director (Enforcement and AML) of the HKMA, commented on the case, stating, “Fabrication of a consumer’s signature is a dishonest act. It displays adversely on the individual’s health and properness to hold on regulated actions. The HKMA observes that there was an increase within the variety of enforcement circumstances involving fabrication of consumer signatures just lately. We’re working with the Hong Kong Affiliation of Banks to remind banks of the necessity for constructing a powerful compliance tradition inside their gross sales groups by way of common coaching.”
Earlier and Present Affiliations
On the time of the incident, LI was engaged by Cling Seng Financial institution, Restricted for Varieties 1, 4, and seven regulated actions beneath the Securities and Futures Ordinance. Presently, LI is accredited to a different licensed establishment.
The HKMA’s determination underscores the significance of sustaining excessive moral requirements throughout the monetary sector to make sure the integrity and trustworthiness of economic professionals.
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