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Hong Kong regulator fines former ABN AMRO manager

Tom Burroughes, Editor, London, 8 January 2016

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Hong Kong's Securities and Futures Commission has reprimanded and fined a former relationship manager at ABN AMRO HK$300,000 ($38,691) for account-opening failures and for lending money to a client.

Having conducted an investigation, the regulator was swift to take action against Lui Chi Hang. Lui did not follow the account-opening procedures in the relevant code of conduct that required him 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.

The conduct, the regulator felt, fell short of industry standards and flew in the face of the bank’s internal policies. In deciding how severe to be with him, the SFC took account of the fact that Lui had a clean record and co-operated with the investigation well. The Hong Kong Monetary Authority originally referred the case to the SFC, which is the more energetic regulator of the two.

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