The Monetary Authority of Singapore (MAS) has issued a one-year prohibition order (PO) against a former representative of HSBC Bank, Mr Aw Jun Ray, Reko Corinthians.
The regulator said in a statement on 19 August that 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, 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, 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 gave MAS reason to believe that he will not perform financial advisory and capital markets services honestly.
Under the PO, which took effect from 19 August, 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.
