.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has put on hold the registration of LI Shek Flavor for nine months because of misconduct involving the fabrication of a customer's trademark.
The Hong Kong Monetary Authority (HKMA) has announced the suspension of Mr. LI Shek Tang's registration for 9 months, adhering to an examination into transgression. The disciplinary activity was taken under area 58A( 1) of the Banking Regulation (Chapter 155 of the Legislations of Hong Kong) and also will be effective from September 4, 2024, to June 3, 2025, depending on to the HKMA.Details of the Misdoing.The inspection disclosed that in March 2023, LI photocopied a client's signature on an opportunity down payment application form to deceive his working with financial institution in to thinking it was originally signed due to the consumer. Although this act was not performed throughout a controlled activity under the Stocks and Futures Regulation (Phase 571 of the Regulations of Hong Kong), it elevated serious worries concerning LI's honesty and sincerity in executing managed tasks.The HKMA has identified that LI is actually not a match and correct individual to be an applicable individual, referencing segment 129( 1 )( c) and (d) of the Stocks as well as Futures Ordinance and also the Match and also Appropriate Suggestions given out by the Securities and also Futures Commission.Official Declaration.Mr. Raymond Chan, Manager Supervisor (Enforcement as well as AML) of the HKMA, talked about the case, saying, "Manufacture of a client's trademark is actually an unscrupulous action. It shows detrimentally on the person's fitness as well as properness to continue managed tasks. The HKMA notices that there has been actually a rise in the number of administration cases including fabrication of client signatures lately. Our company are actually working with the Hong Kong Association of Banks to advise banking companies of the demand for constructing a powerful observance society within their purchases staffs by means of routine instruction.".Previous and also Existing Affiliations.During the time of the event, LI was interacted through Hang Seng Bank, Limited for Types 1, 4, as well as 7 controlled activities under the Stocks and also Futures Statute. Presently, LI is actually approved to an additional licensed institution.The HKMA's choice highlights the relevance of keeping higher moral requirements within the economic sector to make certain the honesty and dependability of economic professionals.Image resource: Shutterstock.