.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has actually suspended the sign up of LI Shek Flavor for 9 months due to misdoing entailing the manufacture of a client's signature.
The Hong Kong Monetary Authority (HKMA) has actually revealed the revocation of Mr. LI Shek Flavor's registration for nine months, observing an investigation right into misbehavior. The disciplinal activity was actually taken under section 58A( 1) of the Banking Regulation (Phase 155 of the Legislations of Hong Kong) as well as will be effective coming from September 4, 2024, to June 3, 2025, according to the HKMA.Particulars of the Misdoing.The examination exposed that in March 2023, LI photocopied a client's signature on an opportunity deposit application form to deceive his employing banking company into feeling it was actually originally authorized by the consumer. Although this act was certainly not executed during a regulated activity under the Securities and also Futures Regulation (Section 571 of the Regulations of Hong Kong), it raised severe problems regarding LI's honesty as well as sincerity in performing regulated tasks.The HKMA has actually established that LI is certainly not a fit and also appropriate person to be an appropriate individual, referencing part 129( 1 )( c) and also (d) of the Securities and also Futures Regulation and also the Fit and Effective Standards released by the Stocks and also Futures Earnings.Official Statement.Mr. Raymond Chan, Executive Director (Administration and also AML) of the HKMA, discussed the case, saying, "Manufacture of a client's signature is actually an unscrupulous act. It reflects adversely on the person's fitness and properness to continue controlled activities. The HKMA notes that there has been actually a rise in the number of administration cases involving fabrication of customer signatures just recently. We are collaborating with the Hong Kong Association of Banks to remind banking companies of the demand for building a strong compliance society within their sales staffs by means of frequent training.".Previous as well as Present Affiliations.At the time of the occurrence, LI was actually engaged through Hang Seng Bank, Limited for Kind 1, 4, and also 7 moderated activities under the Securities and also Futures Ordinance. Currently, LI is accredited to an additional licensed company.The HKMA's choice underscores the relevance of maintaining higher ethical requirements within the economic field to make certain the honesty and also trustworthiness of financial professionals.Image source: Shutterstock.