.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has actually suspended the sign up of LI Shek Flavor for nine months as a result of transgression entailing the construction of a customer's trademark.
The Hong Kong Monetary Authorization (HKMA) has declared the revocation of Mr. LI Shek Tang's enrollment for nine months, following an investigation into misconduct. The disciplinary action was actually taken under area 58A( 1) of the Banking Statute (Section 155 of the Regulations of Hong Kong) and also will certainly be effective coming from September 4, 2024, to June 3, 2025, according to the HKMA.Details of the Misbehavior.The examination revealed that in March 2023, LI photocopied a customer's trademark on a time deposit application to trick his utilizing financial institution in to thinking it was initially authorized due to the customer. Although this act was actually not executed in the course of a regulated activity under the Stocks as well as Futures Statute (Section 571 of the Legislations of Hong Kong), it elevated serious concerns concerning LI's sincerity and credibility in executing controlled tasks.The HKMA has actually figured out that LI is actually certainly not a fit and also proper person to be a pertinent individual, referencing part 129( 1 )( c) and also (d) of the Securities and also Futures Regulation and the Fit as well as Suitable Rules provided due to the Stocks and Futures Earnings.Authorities Statement.Mr. Raymond Chan, Executive Director (Enforcement as well as AML) of the HKMA, discussed the claim, saying, "Construction of a customer's trademark is actually a dishonest act. It demonstrates negatively on the individual's exercise and also properness to carry on managed tasks. The HKMA notices that there has actually been a rise in the number of administration scenarios including work of client signatures recently. Our experts are actually teaming up with the Hong Kong Affiliation of Banks to remind banking companies of the need for creating a strong observance culture within their sales teams with normal instruction.".Previous as well as Existing Connections.At the moment of the case, LI was engaged through Hang Seng Bank, Limited for Types 1, 4, and 7 managed tasks under the Stocks and also Futures Statute. Currently, LI is actually certified to yet another licensed establishment.The HKMA's decision emphasizes the relevance of preserving high reliable requirements within the monetary market to make sure the honesty and reliability of monetary professionals.Image source: Shutterstock.