Compliance

Compliance Corner: MAS, Hong Kong Monetary Authority

Editorial Staff, 7 June 2021

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The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

HKMA
The Hong Kong Monetary Authority has alerted the public to a press release issued by BNP Paribas relating to phishing emails, which had been reported to the HKMA. 

“Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the emails concerned, should contact the bank using the contact information provided in the press release, and report the matter to the police by contacting the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force at 2860 5012,” the Hong Kong regulator and central bank said. 

The HKMA also warned about a fraudulent website linked to The Bank of East Asia.

Monetary Authority of Singapore
The Monetary Authority of Singapore has banned Younis Adnan Mohammed from the financial advisory industry for five years after he was convicted in the State Courts for offences involving fraud or dishonesty. He engaged in forgery and provided false information to a public servant.

The prohibition order took effect from 2 June. Younis is prohibited from providing any financial advisory services, taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act. He is also prohibited 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 Securities and Futures Act.

In March 2019, Younis was a representative of investment management firm, Wellington Management Singapore Pte. In his personal capacity, he deceived online trading platform OANDA Asia Pacific Pte Ltd (OANDA) into crediting S$50,000 ($37,750) into his personal trading account.

Younis held an online trading account with OANDA and had a prefunding agreement with the company. To meet a margin call in his trading account, Younis forged screenshots of a bank transfer and his bank account details, to show that S$50,000 had been transferred to OANDA when no such transfer had been made. After OANDA reported the matter to the police, Younis lied to the investigation officer that a third person had impersonated him to open the trading account with OANDA.

On 29 May 2020, Younis pleaded guilty and was convicted of one count of forgery and one count of providing false information to a public servant under section 465 and section 182 of the Penal Code respectively. Younis was sentenced to 16 weeks’ imprisonment.

While Younis had committed the offences in his personal capacity and is no longer an appointed representative in Singapore, the POs were issued against him to safeguard the integrity of and trust in Singapore’s financial sector.

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