.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has actually put on hold the registration of LI Shek Flavor for 9 months because of misconduct including the manufacture of a customer’s trademark. The Hong Kong Monetary Authority (HKMA) has actually announced the suspension of Mr. LI Shek Flavor’s enrollment for 9 months, following an examination right into transgression.
The disciplinal action was actually taken under segment 58A( 1) of the Banking Statute (Chapter 155 of the Legislations of Hong Kong) as well as will definitely be effective coming from September 4, 2024, to June 3, 2025, according to the HKMA.Information of the Transgression.The inspection revealed that in March 2023, LI photocopied a consumer’s trademark on an opportunity down payment application form to deceive his hiring financial institution right into believing it was actually originally authorized by the client. Although this process was certainly not executed in the course of a regulated activity under the Stocks and Futures Ordinance (Phase 571 of the Regulations of Hong Kong), it increased severe issues concerning LI’s honesty as well as integrity in performing controlled tasks.The HKMA has figured out that LI is actually certainly not a fit and effective person to be a pertinent individual, referencing segment 129( 1 )( c) and also (d) of the Securities as well as Futures Statute and the Match as well as Correct Tips released by the Securities and also Futures Earnings.Representative Statement.Mr. Raymond Chan, Manager Supervisor (Administration and also AML) of the HKMA, talked about the case, mentioning, “Fabrication of a customer’s signature is a shady act.
It mirrors detrimentally on the individual’s exercise and properness to continue managed tasks. The HKMA notes that there has actually been actually a surge in the amount of administration situations entailing fabrication of customer trademarks recently. We are working with the Hong Kong Organization of Banks to advise banking companies of the demand for developing a strong observance society within their sales staffs through frequent instruction.”.Previous as well as Current Affiliations.Back then of the happening, LI was engaged by Hang Seng Bank, Limited for Kind 1, 4, and also 7 regulated tasks under the Securities and Futures Ordinance.
Presently, LI is recognized to another licensed institution.The HKMA’s decision underscores the relevance of sustaining higher honest standards within the financial field to guarantee the stability as well as trustworthiness of economic professionals.Image source: Shutterstock.