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 Mr YIP Wai Pang (YIP) from the register maintained by the Hong Kong Monetary Authority (HKMA) under section 20(1)(ea) of the BO for 18 months from 12 September 2017 to 11 March 2019 (both dates inclusive) (Note).
The disciplinary action follows an investigation by the MA which found that between 2011 and 2014, YIP:
The MA is of the opinion that YIP is not a fit and proper person to be a relevant individual. In finding YIP not fit and proper to be a relevant individual, the MA has 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). YIP’s conduct set out above casts serious doubt on his ability to carry on regulated activities honestly as well as his reputation and character.
In determining the disciplinary action, the MA has taken into account all of the relevant circumstances of the case, including the following factors:
Ms Meena Datwani, Executive Director (Enforcement and AML) of the HKMA, said, “The HKMA takes forgery and other dishonest conduct seriously and wishes to send a strong deterrent message to the industry that such conduct will not be tolerated, will reflect adversely on the fitness and properness of the staff concerned and may result in a disciplinary sanction being imposed against him/her.”
Relevant link: Statement of Disciplinary Action
At the material time, YIP was engaged by Standard Chartered Bank (Hong Kong) Limited. YIP is currently a relevant individual engaged by another registered institution.
Hong Kong Monetary Authority
12 September 2017