HK SFC bans former Standard Chartered Bank exec for three years

Steffy Bogdanova
July 19, 2022 9:11 am

The Securities and Futures Commission (SFC) has announced banning former Standard Chartered Bank (Hong Kong) Limited (SCB) employee, Lam Ki Fung. He will not be able to hold a position in the industry for three years from 12 July 2022 to 11 July 2025.

According to the Hong Kong regulator, the ban follows a criminal investigation into Lam and his mother.

The Eastern Magistrates’ Court found the two defendants guilty of conspiring to fraudulently obtain a quarterly incentive payment of HK$4,520 from SCB. The events took place between April and December 2017.

During this period, Lam had opened payroll accounts at the bank for five customers obtained by his mother. She then transferred funds ranging from HK $80,000 to HK $200,000, from her personal bank account into the five payroll accounts.

Hong Kong regulator SFC

Afterwards, Lam transfered these amounts from the payroll accounts back into his mother’s personal bank account without the knowledge or authorisation of the five customers.

According to the financial markets regulator, Lam’s mother aimed to improve his performance at SCB. As a result, the bank gave Lam $4,520 as additional quarterly incentive after including in his performance assessment the money his mother had transferred.

The SFC stated that Lam cannot hold license or carry regulated activities due to his criminal conviction.

The regulator recently reprimanded and fined CES Capital International Co., Limited. The SFC imposed HK$3.2 million fine on the firm over its failure to discharge its duties as an investment manager of two funds.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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