.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has suspended the sign up of LI Shek Flavor for 9 months as a result of misdoing including the manufacture of a client's signature.
The Hong Kong Monetary Authority (HKMA) has actually announced the suspension of Mr. LI Shek Flavor's registration for nine months, following an inspection into misdoing. The disciplinary action was taken under section 58A( 1) of the Financial Ordinance (Section 155 of the Legislations of Hong Kong) as well as will definitely work from September 4, 2024, to June 3, 2025, depending on to the HKMA.Particulars of the Transgression.The examination revealed that in March 2023, LI xeroxed a consumer's trademark on an opportunity deposit application form to trick his employing banking company into believing it was actually initially signed due to the client. Although this act was actually certainly not performed throughout a controlled task under the Securities and also Futures Statute (Chapter 571 of the Legislations of Hong Kong), it increased major concerns about LI's honesty and honesty in accomplishing controlled tasks.The HKMA has actually figured out that LI is actually certainly not a match as well as correct individual to become a relevant person, referencing section 129( 1 )( c) and (d) of the Stocks as well as Futures Statute as well as the Match and Proper Rules issued due to the Stocks and Futures Commission.Representative Declaration.Mr. Raymond Chan, Manager Director (Administration and also AML) of the HKMA, talked about the case, saying, "Assembly of a client's signature is actually an unethical act. It reflects detrimentally on the individual's physical fitness and also properness to carry on regulated activities. The HKMA observes that there has been an increase in the number of administration situations involving work of client signatures just recently. Our experts are partnering with the Hong Kong Association of Banks to help remind banks of the demand for developing a solid conformity lifestyle within their purchases teams with routine instruction.".Previous and also Current Affiliations.At that time of the event, LI was involved through Hang Seng Financial Institution, Limited for Types 1, 4, as well as 7 controlled activities under the Securities as well as Futures Statute. Currently, LI is actually recognized to one more accredited organization.The HKMA's decision highlights the importance of preserving higher moral requirements within the financial field to make sure the honesty and credibility of financial professionals.Image source: Shutterstock.