.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has actually suspended the registration of LI Shek Flavor for nine months because of misdoing involving the assembly of a customer's trademark.
The Hong Kong Monetary Authority (HKMA) has declared the revocation of Mr. LI Shek Tang's enrollment for 9 months, following an examination in to transgression. The disciplinary action was actually taken under section 58A( 1) of the Financial Ordinance (Phase 155 of the Legislations of Hong Kong) as well as will definitely work coming from September 4, 2024, to June 3, 2025, according to the HKMA.Particulars of the Misbehavior.The investigation exposed that in March 2023, LI xeroxed a customer's signature on a time deposit application form to scam his utilizing banking company right into believing it was actually initially authorized by the consumer. Although this action was certainly not executed in the course of a controlled activity under the Stocks and Futures Statute (Section 571 of the Regulations of Hong Kong), it raised major worries concerning LI's integrity as well as honesty in executing controlled activities.The HKMA has actually established that LI is actually certainly not a fit as well as suitable individual to become a pertinent person, referencing area 129( 1 )( c) and (d) of the Stocks as well as Futures Ordinance as well as the Match and also Proper Suggestions issued by the Stocks and also Futures Commission.Authorities Statement.Mr. Raymond Chan, Executive Supervisor (Enforcement and AML) of the HKMA, commented on the case, stating, "Assembly of a customer's trademark is a shady action. It shows detrimentally on the individual's health and fitness as well as properness to proceed moderated tasks. The HKMA notices that there has actually been a growth in the amount of administration cases involving work of client trademarks just recently. Our team are teaming up with the Hong Kong Association of Banks to remind banking companies of the necessity for building a solid compliance culture within their sales crews with routine training.".Previous and also Current Affiliations.At that time of the occurrence, LI was actually interacted through Hang Seng Banking Company, Limited for Types 1, 4, and 7 moderated tasks under the Securities and Futures Ordinance. Presently, LI is actually approved to yet another accredited organization.The HKMA's decision highlights the relevance of keeping high moral requirements within the financial field to ensure the stability and also trustworthiness of financial professionals.Image source: Shutterstock.