.Tony Kim.Sep 07, 2024 03:49.The Hong Kong Monetary Authorization has actually put on hold the registration of LI Shek Flavor for 9 months because of misbehavior including the fabrication of a customer's signature.
The Hong Kong Monetary Authorization (HKMA) has actually revealed the suspension of Mr. LI Shek Flavor's enrollment for 9 months, observing an inspection right into misdoing. The punishing activity was taken under area 58A( 1) of the Financial Regulation (Phase 155 of the Regulations of Hong Kong) as well as will work from September 4, 2024, to June 3, 2025, according to the HKMA.Information of the Misbehavior.The inspection disclosed that in March 2023, LI xeroxed a customer's signature on a time down payment application form to scam his hiring financial institution into believing it was actually initially authorized due to the consumer. Although this process was actually certainly not performed during the course of a controlled activity under the Stocks as well as Futures Statute (Section 571 of the Legislations of Hong Kong), it increased significant concerns about LI's honesty and also trustworthiness in carrying out moderated activities.The HKMA has actually identified that LI is not a fit and proper individual to become a relevant person, referencing segment 129( 1 )( c) and (d) of the Stocks and Futures Ordinance and the Fit as well as Appropriate Rules provided by the Securities and also Futures Commission.Representative Declaration.Mr. Raymond Chan, Manager Supervisor (Administration and AML) of the HKMA, talked about the claim, explaining, "Construction of a customer's signature is a dishonest act. It shows detrimentally on the person's physical fitness as well as properness to continue controlled tasks. The HKMA notices that there has been an increase in the variety of enforcement cases entailing work of client signatures lately. We are actually teaming up with the Hong Kong Association of Banks to remind banking companies of the requirement for constructing a sturdy conformity lifestyle within their purchases teams via regular training.".Previous as well as Existing Affiliations.Back then of the incident, LI was actually involved by Hang Seng Bank, Limited for Kind 1, 4, and also 7 moderated activities under the Stocks and also Futures Statute. Currently, LI is actually approved to one more accredited company.The HKMA's selection underscores the relevance of keeping high honest standards within the monetary field to make sure the integrity and also reliability of monetary professionals.Image resource: Shutterstock.