MAS issues prohibition order against former HSBC rep

Regulatory news

2024-09-09 11:29:51

2.11W

MAS today issued a one-year prohibition order against a former representative of HSBC Bank, Aw Jun Ray, Reko Corinthians.

The Monetary Authority of Singapore (MAS) today issued a one-year prohibition order (PO) against a former representative of HSBC Bank, Aw Jun Ray, Reko Corinthians.

Mr Aw was investigated for the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) offences and was issued with a 24-month conditional warning by the Singapore Police Force on 14 July 2022.

Subsequently, Mr Aw applied for the position of a relationship manager in HSBC. He omitted to state in his fit and proper declaration to the bank that he had been subject to Police investigations and criminal proceedings. He also failed to inform HSBC that he had been issued a 24-month conditional warning.

By omitting such material information in his declaration, Mr Aw has contravened section 32(2)(b) of the Financial Advisers Act (FAA), and section 99O(2)(b) of the Securities and Futures Act (SFA). These contraventions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly.

Under the PO, which took effect from today, Mr Aw is prohibited for a period of one year from providing any financial advisory services, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the FAA.

He is also prohibited for a period of one year from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the SFA.

Maria Nikolova

Maria has been engaged in journalism for more than 17 years, providing Forex industry coverage for the past 10 years. Before joining FNG she was Managing Editor at FinanceFeeds. Prior to that, she worked at LeapRate. Maria has a Philosophy degree from the St. Kliment Ochridski university in Sofia. She has specialized in Cognitive Science in Vienna. Her interests include psychology, AI, and linguistics.