Hong Kong SFC Reprimands and Fines Relationship Manager $300,000

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The Hong Kong Securities and Futures Commission has reprimanded and fined a former relationship manager $300,000 for account opening failures and lending money to a client.

The disciplinary action follows an investigation by the SFC which found that Lui Chi Hang, a former relationship manager of ABN Amro Bank failed to follow the account opening procedures required under the Code of Conduct to verify the identities of his clients who resided in Taiwan.

The SFC also found that Lui had a potential conflict of interest by lending money to a client in his personal capacity on three occasions.

Falling Short of the Standard

he SFC is of the view that Lui’s conduct fell short of the standard expected of him under the Code of Conduct and was also in breach of the Bank’s internal policies.

In deciding the disciplinary sanction, the SFC took into account Lui’s cooperation with the SFC in resolving the disciplinary action and his otherwise clean disciplinary record. The case was referred to the SFC by the Hong Kong Monetary Authority.

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