Monetary Authority suspends registration of LI Shek Tang for nine months
The Monetary Authority (MA) has taken disciplinary action against Mr
LI Shek Tang (LI) pursuant to section 58A(1) of the Banking Ordinance
(Chapter 155 of the Laws of Hong Kong) (BO) and suspended all of LI’s
relevant particulars from the register maintained by the Hong Kong
Monetary Authority (HKMA) under section 20(1)(ea) of the BO (Register)
for a period of nine months from 4 September 2024 to 3 June 2025
(Note).
The disciplinary action follows an investigation by
the HKMA which found that LI photocopied a customer’s signature on a
time deposit application form (Form) in March 2023 in an attempt to
deceive his employing bank into believing that the Form was originally
signed by the customer. Whilst LI’s conduct was not performed during
the course of carrying on a regulated activity under the Securities
and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (SFO), it
called into question his ability to carry on regulated activities with
integrity and honesty. The MA is of the opinion that LI is not a fit
and proper person to be a relevant individual having regard to section
129(1)(c) and (d) of the SFO as well as the Fit and Proper Guidelines
issued by the Securities and Futures Commission.
Mr Raymond
Chan, Executive Director (Enforcement and AML) of the HKMA, said,
“Fabrication of a client’s signature is a dishonest act. It reflects
adversely on the person’s fitness and properness to carry on regulated
activities. The HKMA observes that there has been a rise in the number
of enforcement cases involving fabrication of client signatures
recently. We are working with the Hong Kong Association of Banks to
remind banks of the need for building a strong compliance culture
within their sales teams through regular training. ”
Relevant
link: Statement of Disciplinary Action
Note: At the material
time, LI was a relevant individual whose name was entered in the
Register as a person engaged by Hang Seng Bank, Limited in respect of
Types 1, 4 and 7 regulated activities under the SFO. At present, LI is
a relevant individual accredited to another authorized institution.