Hong Kong Monetary Authority Suspends Registration of LI Shek Tang for Nine Months
The Hong Kong Monetary Authority (HKMA) has recently made headlines by suspending the registration of Mr. LI Shek Tang for nine months due to misconduct involving the fabrication of a client’s signature. This disciplinary action, which will be in effect from September 4, 2024, to June 3, 2025, serves as a reminder of the importance of integrity and honesty in the financial sector.
Details of the Misconduct
According to the investigation, LI Shek Tang was found to have photocopied a customer’s signature on a time deposit application form in March 2023, deceiving his employing bank into believing it was the original signature. While this act was not performed during a regulated activity under the Securities and Futures Ordinance, it raised serious concerns about LI’s integrity and honesty in carrying out regulated activities.
The HKMA has deemed LI as unfit and improper to be a relevant individual, citing 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
In response to the case, Mr. Raymond Chan, Executive Director (Enforcement and AML) of the HKMA, emphasized the significance of ethical conduct within the financial sector. He stated, “Fabrication of a client’s signature is a dishonest act that reflects negatively on an individual’s fitness and properness to carry out regulated activities. We are actively working with the Hong Kong Association of Banks to promote a strong compliance culture within sales teams through regular training.”
Previous and Current Affiliations
During the incident, LI Shek Tang was engaged with Hang Seng Bank, Limited for Types 1, 4, and 7 regulated activities under the Securities and Futures Ordinance. Currently, LI is associated with another authorized institution.
This decision by the HKMA underscores the importance of upholding high ethical standards within the financial sector to maintain the integrity and trustworthiness of financial professionals.
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