.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authority has suspended the registration of LI Shek Flavor for nine months due to misbehavior involving the assembly of a customer's trademark.
The Hong Kong Monetary Authority (HKMA) has actually revealed the revocation of Mr. LI Shek Tang's sign up for 9 months, observing an inspection into misbehavior. The disciplinary action was actually taken under segment 58A( 1) of the Banking Statute (Phase 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.Information of the Misconduct.The inspection showed that in March 2023, LI copied a customer's trademark on a time down payment application to trick his working with financial institution in to feeling it was actually initially signed by the consumer. Although this process was certainly not executed during a controlled activity under the Securities and Futures Ordinance (Chapter 571 of the Regulations of Hong Kong), it elevated serious concerns concerning LI's sincerity and also honesty in performing regulated tasks.The HKMA has identified that LI is actually certainly not a match as well as proper person to be an applicable person, referencing part 129( 1 )( c) and also (d) of the Securities and Futures Statute as well as the Match as well as Proper Guidelines given out by the Stocks and also Futures Earnings.Authorities Claim.Mr. Raymond Chan, Exec Director (Enforcement as well as AML) of the HKMA, discussed the suit, mentioning, "Fabrication of a customer's trademark is actually an unethical act. It shows detrimentally on the person's physical fitness and also properness to carry on managed activities. The HKMA notices that there has been a surge in the amount of enforcement scenarios entailing fabrication of customer signatures lately. We are actually collaborating with the Hong Kong Organization of Banks to remind banking companies of the necessity for developing a tough observance culture within their sales crews via routine instruction.".Previous and Existing Connections.Back then of the case, LI was involved by Hang Seng Banking Company, Limited for Kind 1, 4, as well as 7 regulated activities under the Securities and Futures Statute. Currently, LI is recognized to one more authorized organization.The HKMA's decision emphasizes the importance of maintaining high moral criteria within the monetary market to make certain the honesty and also credibility of economic professionals.Image resource: Shutterstock.