The Monetary Authority (MA) has, under section 58A(1) of the Banking Ordinance (Chapter 155 of the Laws of Hong Kong) (BO), suspended all of the relevant particulars of Ms CHUI Chau Mang (CHUI) from the register maintained by the Hong Kong Monetary Authority (HKMA) under section 20(1)(ea) of the BO for four months from 27 January 2021 to 26 May 2021 (both dates inclusive) (Note).
The disciplinary action follows an investigation by the MA which found that, when handling a client’s instruction in March 2018 to issue a bank reference letter, CHUI photocopied the client’s signature on a wrong instruction form, and pasted the client’s signature on a correct instruction form. She then made a copy of the correct instruction form with the photocopied signature and arranged to fax it to a branch of the registered institution concerned (Bank) to pretend that it was the fax instruction of the client for the purpose of issuing the bank reference letter.
The MA is of the opinion that CHUI is not a fit and proper person to be a relevant individual, having had regard to section 129(1)(c) and (d) of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and the Fit and Proper Guidelines issued by the Securities and Futures Commission (SFC). CHUI’s conduct set out above was dishonest and therefore calls into question her ability to carry on regulated activities honestly as well as her reputation, character and reliability.
In determining the disciplinary action, the MA has taken into account all of the relevant circumstances of the case, including the following factors:
- CHUI committed a single act of copying and pasting the client’s signature;
- the objective of CHUI’s act was not to receive any pecuniary advantage;
- the client and the Bank did not suffer any losses as a result of CHUI’s act;
- CHUI has been cooperative, admitted her wrongdoing and shown remorse for her conduct; and
- CHUI has no previous disciplinary record with the HKMA or the SFC.
CHUI applied to the Securities and Futures Appeals Tribunal (SFAT) for a review of the MA’s decision. However, she subsequently decided to withdraw the application and the SFAT granted leave for her to withdraw the application.
Ms Carmen Chu, Executive Director (Enforcement and AML) of the HKMA, said, “Regulated persons are expected to observe a high standard of integrity and professionalism in carrying out their duties which is vital to maintaining client confidence. They should refrain from taking “shortcuts”, which could have adverse and much wider consequences beyond mere convenience at the time.”
Relevant link: Statement of Disciplinary Action
At the material time, CHUI was engaged by Standard Chartered Bank (Hong Kong) Limited. CHUI is currently a relevant individual engaged by another registered institution.
Hong Kong Monetary Authority
27 January 2021
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