.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has suspended the enrollment of LI Shek Flavor for 9 months because of transgression including the construction of a client's trademark.
The Hong Kong Monetary Authority (HKMA) has actually announced the revocation of Mr. LI Shek Flavor's enrollment for 9 months, observing an investigation into misconduct. The disciplinal activity was taken under area 58A( 1) of the Financial Regulation (Phase 155 of the Rules of Hong Kong) and also are going to be effective coming from September 4, 2024, to June 3, 2025, according to the HKMA.Information of the Transgression.The examination disclosed that in March 2023, LI copied a client's trademark on a time down payment application form to deceive his utilizing bank right into believing it was actually initially signed due to the consumer. Although this act was certainly not conducted during a controlled task under the Stocks and Futures Ordinance (Phase 571 of the Rules of Hong Kong), it elevated severe problems concerning LI's sincerity and sincerity in performing regulated tasks.The HKMA has determined that LI is actually certainly not a fit and also proper individual to become an appropriate person, referencing part 129( 1 )( c) and also (d) of the Stocks as well as Futures Regulation and the Fit as well as Effective Tips provided by the Securities and Futures Commission.Official Claim.Mr. Raymond Chan, Manager Director (Administration and AML) of the HKMA, commented on the suit, explaining, "Construction of a customer's signature is a shady act. It reflects adversely on the individual's health and fitness and also properness to continue moderated activities. The HKMA observes that there has actually been actually a surge in the variety of enforcement instances involving falsehood of client trademarks just recently. We are actually dealing with the Hong Kong Association of Banks to advise banks of the demand for creating a strong conformity lifestyle within their purchases staffs through regular training.".Previous as well as Current Affiliations.During the time of the incident, LI was involved by Hang Seng Banking Company, Limited for Types 1, 4, and also 7 managed tasks under the Stocks and also Futures Regulation. Presently, LI is actually approved to yet another licensed organization.The HKMA's selection highlights the relevance of sustaining higher honest requirements within the monetary market to make certain the stability and dependability of financial professionals.Image resource: Shutterstock.