.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has actually put on hold the registration of LI Shek Flavor for nine months due to misbehavior involving the manufacture of a client’s trademark. The Hong Kong Monetary Authority (HKMA) has announced the suspension of Mr. LI Shek Tang’s registration for 9 months, following an inspection right into misdoing.
The disciplinary action was actually taken under section 58A( 1) of the Banking Statute (Chapter 155 of the Legislations of Hong Kong) as well as will certainly work from September 4, 2024, to June 3, 2025, according to the HKMA.Details of the Transgression.The examination disclosed that in March 2023, LI copied a consumer’s trademark on an opportunity deposit application form to deceive his utilizing banking company right into feeling it was actually initially authorized due to the client. Although this process was actually certainly not executed in the course of a regulated activity under the Stocks and also Futures Regulation (Chapter 571 of the Laws of Hong Kong), it elevated severe problems about LI’s honesty and sincerity in executing controlled tasks.The HKMA has actually calculated that LI is certainly not a fit and proper person to become a pertinent person, referencing section 129( 1 )( c) and (d) of the Securities and also Futures Regulation as well as the Fit and Correct Rules provided due to the Stocks and Futures Earnings.Official Declaration.Mr. Raymond Chan, Executive Director (Administration as well as AML) of the HKMA, talked about the suit, specifying, “Manufacture of a client’s trademark is actually a dishonest act.
It shows negatively on the person’s exercise and properness to proceed controlled tasks. The HKMA notices that there has actually been an increase in the lot of administration situations including fabrication of client signatures just recently. Our team are actually working with the Hong Kong Organization of Banks to remind banks of the need for constructing a strong compliance culture within their sales crews by means of frequent training.”.Previous as well as Existing Associations.Back then of the case, LI was engaged by Hang Seng Financial Institution, Limited for Kind 1, 4, and also 7 moderated tasks under the Stocks and also Futures Regulation.
Presently, LI is approved to one more authorized establishment.The HKMA’s choice emphasizes the value of preserving higher honest specifications within the monetary industry to guarantee the stability as well as reliability of financial professionals.Image source: Shutterstock.