.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 due to misdoing entailing the manufacture of a customer's trademark.
The Hong Kong Monetary Authority (HKMA) has actually revealed the suspension of Mr. LI Shek Flavor's sign up for nine months, adhering to an examination into misconduct. The disciplinary action was taken under segment 58A( 1) of the Financial Statute (Chapter 155 of the Rules of Hong Kong) as well as are going to be effective coming from September 4, 2024, to June 3, 2025, according to the HKMA.Information of the Transgression.The investigation disclosed that in March 2023, LI xeroxed a customer's trademark on a time down payment application form to scam his working with banking company in to believing it was originally authorized due to the consumer. Although this process was not carried out during a controlled task under the Stocks as well as Futures Ordinance (Phase 571 of the Regulations of Hong Kong), it increased severe issues regarding LI's honesty and also integrity in executing regulated tasks.The HKMA has found out that LI is certainly not a match as well as correct person to be a relevant individual, referencing segment 129( 1 )( c) and (d) of the Securities and Futures Regulation and the Match and Suitable Standards provided by the Securities and Futures Earnings.Official Declaration.Mr. Raymond Chan, Executive Director (Administration as well as AML) of the HKMA, discussed the suit, explaining, "Construction of a customer's trademark is an unscrupulous action. It demonstrates negatively on the person's exercise as well as properness to carry on regulated activities. The HKMA notices that there has been actually an increase in the amount of enforcement instances involving falsehood of customer signatures recently. Our company are actually working with the Hong Kong Affiliation of Banks to tell banks of the need for building a sturdy conformity lifestyle within their sales teams by means of regular training.".Previous and Existing Affiliations.At the moment of the accident, LI was actually engaged by Hang Seng Bank, Limited for Kind 1, 4, and 7 regulated tasks under the Stocks and also Futures Ordinance. Currently, LI is actually certified to an additional authorized institution.The HKMA's selection underscores the relevance of keeping high ethical standards within the financial sector to make sure the honesty and also reliability of monetary professionals.Image source: Shutterstock.