.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has suspended the enrollment of LI Shek Flavor for nine months because of misconduct including the manufacture of a customer's signature.
The Hong Kong Monetary Authorization (HKMA) has revealed the suspension of Mr. LI Shek Flavor's enrollment for 9 months, following an investigation in to misconduct. The disciplinary activity was taken under area 58A( 1) of the Banking Regulation (Section 155 of the Regulations of Hong Kong) and will certainly be effective coming from September 4, 2024, to June 3, 2025, depending on to the HKMA.Details of the Misdoing.The inspection uncovered that in March 2023, LI photocopied a client's signature on an opportunity down payment application form to trick his utilizing banking company right into thinking it was actually initially authorized by the consumer. Although this process was certainly not carried out in the course of a controlled task under the Securities and also Futures Ordinance (Phase 571 of the Rules of Hong Kong), it raised major problems regarding LI's honesty and also trustworthiness in carrying out controlled tasks.The HKMA has determined that LI is certainly not a fit as well as suitable person to be a relevant individual, referencing part 129( 1 )( c) as well as (d) of the Stocks and also Futures Ordinance and also the Fit and also Appropriate Suggestions issued by the Securities and also Futures Earnings.Authorities Declaration.Mr. Raymond Chan, Manager Director (Administration as well as AML) of the HKMA, commented on the lawsuit, mentioning, "Construction of a customer's trademark is a shady act. It reflects negatively on the person's physical fitness and properness to continue managed tasks. The HKMA observes that there has actually been a rise in the amount of administration scenarios involving work of customer signatures lately. Our company are teaming up with the Hong Kong Association of Banks to advise banks of the necessity for building a strong compliance lifestyle within their purchases crews via routine training.".Previous and Existing Associations.At the time of the occurrence, LI was actually involved through Hang Seng Bank, Limited for Types 1, 4, and 7 controlled activities under the Stocks and Futures Statute. Presently, LI is accredited to an additional accredited establishment.The HKMA's selection highlights the value of maintaining high reliable criteria within the monetary field to make certain the integrity as well as reliability of monetary professionals.Image resource: Shutterstock.