Hong Kong Monetary Authority Suspends Registration of LI Shek Tang for Nine Months

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

HKMA.

Details
of
the
Misconduct

The
investigation
revealed
that
in
March
2023,
LI
photocopied
a
customer’s
signature
on
a
time
deposit
application
form
to
deceive
his
employing
bank
into
believing
it
was
originally
signed
by
the
customer.
Although
this
act
was
not
performed
during
a
regulated
activity
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
has
determined
that
LI
is
not
a
fit
and
proper
person
to
be
a
relevant
individual,
referencing
section
129(1)(c)
and
(d)
of
the
Securities
and
Futures
Ordinance
and
the
Fit
and
Proper
Guidelines
issued
by
the
Securities
and
Futures
Commission.

Official
Statement

Mr.
Raymond
Chan,
Executive
Director
(Enforcement
and
AML)
of
the
HKMA,
commented
on
the
case,
stating,
“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.”

Previous
and
Current
Affiliations

At
the
time
of
the
incident,
LI
was
engaged
by
Hang
Seng
Bank,
Limited
for
Types
1,
4,
and
7
regulated
activities
under
the
Securities
and
Futures
Ordinance.
Currently,
LI
is
accredited
to
another
authorized
institution.

The
HKMA’s
decision
underscores
the
importance
of
maintaining
high
ethical
standards
within
the
financial
sector
to
ensure
the
integrity
and
trustworthiness
of
financial
professionals.

Image
source:
Shutterstock