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Home»ADOPTION NEWS»Hong Kong Monetary Authority suspends Li Shek-tang’s registration for nine months
ADOPTION NEWS

Hong Kong Monetary Authority suspends Li Shek-tang’s registration for nine months

By Crypto FlexsSeptember 7, 20242 Mins Read
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Hong Kong Monetary Authority suspends Li Shek-tang’s registration for nine months
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Tony Kim
Sep 07, 2024 03:49

The Hong Kong Monetary Authority has suspended Lisektang’s registration for nine months for allegedly forging customer signatures.





The Hong Kong Monetary Authority (HKMA) has announced that it has suspended the registration of Mr. LI Shek Tang for nine months following an investigation into misconduct. According to the HKMA, the disciplinary action is taken under section 58A(1) of the Banking Ordinance (Chapter 155 of the Laws of Hong Kong) and will be effective from 4 September 2024 to 3 June 2025.

Details of the misconduct

The investigation found that in March 2023, LI photocopied the signatures of customers on deposit applications, thereby deceiving the Employment Bank into believing that they were originally signed by the customers. Although this conduct was not conducted in the context of activities regulated under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), it raised serious concerns about LI’s integrity and honesty in carrying out regulated activities.

The HKMA considered that LI was not a suitable person as a relevant individual in accordance with section 129(1)(c) and (d) of the Securities and Futures Trading Ordinance and the suitability and appropriateness guidelines issued by the Securities and Futures Commission.

Official statement

Commenting on the case, Raymond Chan, Enforcement Director (Enforcement and AML) of the HKMA, said: “Forging a customer’s signature is a dishonest act. It has a negative impact on the individual’s fitness and suitability to carry out regulated activities. The HKMA has recently observed an increase in enforcement cases involving the forgery of customer signatures. We are working with the Hong Kong Banking Association to provide regular training to banks to remind them of the need to build a strong compliance culture within their sales teams.”

Previous and current affiliates

At the time of the incident, LI was responsible for Type 1, 4 and 7 regulated activities under the Securities and Futures Ordinance at Hang Seng Bank, Limited. LI is currently accredited by other authorized institutions.

The decision by the Hong Kong Monetary Authority (HKMA) highlights the importance of maintaining high ethical standards within the financial sector to ensure the integrity and trustworthiness of financial professionals.

Image source: Shutterstock


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