.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has actually suspended the sign up of LI Shek Flavor for 9 months because of transgression including the assembly of a customer’s trademark. The Hong Kong Monetary Authority (HKMA) has actually declared the suspension of Mr. LI Shek Flavor’s registration for 9 months, complying with an examination right into misconduct.
The corrective activity was taken under segment 58A( 1) of the Banking Regulation (Section 155 of the Rules of Hong Kong) as well as will definitely be effective from September 4, 2024, to June 3, 2025, depending on to the HKMA.Information of the Misconduct.The examination exposed that in March 2023, LI xeroxed a consumer’s trademark on a time deposit application form to scam his employing financial institution right into believing it was initially authorized by the consumer. Although this act was actually certainly not carried out during the course of a regulated task under the Securities and also Futures Ordinance (Section 571 of the Legislations of Hong Kong), it raised significant issues regarding LI’s honesty and sincerity in performing managed activities.The HKMA has actually figured out that LI is actually not a fit and also appropriate person to become an appropriate person, referencing section 129( 1 )( c) as well as (d) of the Stocks and Futures Statute and the Match as well as Suitable Tips given out by the Securities and also Futures Commission.Authorities Declaration.Mr. Raymond Chan, Exec Director (Enforcement and also AML) of the HKMA, talked about the lawsuit, mentioning, “Fabrication of a client’s signature is a shady action.
It reflects adversely on the person’s physical fitness and also properness to carry on controlled activities. The HKMA notes that there has actually been an increase in the lot of enforcement instances involving work of client trademarks lately. Our team are actually dealing with the Hong Kong Affiliation of Banks to help remind banking companies of the requirement for building a powerful conformity society within their sales staffs via regular training.”.Previous and also Present Connections.At that time of the accident, LI was interacted through Hang Seng Banking Company, Limited for Types 1, 4, and 7 moderated tasks under the Stocks and Futures Statute.
Currently, LI is accredited to yet another licensed institution.The HKMA’s decision highlights the value of maintaining high honest standards within the financial industry to make certain the honesty and also reliability of monetary professionals.Image source: Shutterstock.