Monetary Authority suspends Yip Wai-pang for 18 months
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 from the register maintained by the Hong Kong Monetary Authority (HKMA) under section 20(1)(ea) of the BO for 18 months from September 12, 2017 to March 11, 2019 (both dates inclusive) (Note).
The disciplinary action follows an investigation by the MA which found that between 2011 and 2014, Mr Yip:
- had completed six sets of Individual Financial Statements (IFSs) for two personal guarantors of a corporate client (Relevant IFSs) without their consent and without verifying the accuracy of all the information therein; and
- had forged the signatures of the two personal guarantors on the Relevant IFSs.
The MA is of the opinion that Mr Yip is not a fit and proper person to be a relevant individual. In finding Mr 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). Mr 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:
- the forgery was not an isolated incident but involved six sets of IFSs (i.e. the Relevant IFSs);
- the conduct was repeated over a time horizon of three years;
- not only were the signatures forged, but the Relevant IFSs were filled in by Mr Yip without verifying all of the information therein and seeking the confirmation and approval of the two personal guarantors;
- Mr Yip's act potentially put both the registered institution and the customer concerned at financial risk;
- Mr Yip has no previous disciplinary record with the HKMA or the SFC; and
- Mr Yip had been cooperative and admitted his wrongdoing.
The Executive Director (Enforcement and AML) of the HKMA, Ms Meena Datwani, 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."
Note: At the material time, Mr Yip was engaged by Standard Chartered Bank (Hong Kong) Limited. Mr Yip is currently a relevant individual engaged by another registered institution.
Ends/Tuesday, September 12, 2017
Issued at HKT 18:00
Issued at HKT 18:00