Singapore’s financial regulator issued a lengthy professional ban against a former Credit Suisse banker. His new employer is not amused.
The Monetary Authority of Singapore (MAS) issued a four-year prohibition order against Lim Fang Wee for dishonest conduct. The ban came into effect on April 30, 2018, MAS said in a statement on Thursday.
While a representative of the Singapore branch of Credit Suisse, Lim deliberately concealed the identity of the true beneficial owners of three Credit Suisse accounts, making it more difficult for the bank to monitor and detect suspicious transactions.
Lim was responsible for servicing these three accounts and was aware that the individuals listed as beneficial owners in the bank’s records were in fact nominees, the regulator said.
Industry Ban
The prohibition orders forbid Lim from performing any regulated activity under the Securities and Futures Act and any financial advisory service under the Financial Advisers Act, as well as taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm.
«Finance professionals who engage in dishonest conduct to frustrate the detection of such suspicious transactions must be dealt with firmly,» said Lee Boon Ngiap, an assistant managing director at MAS.
Arton Capital Terminates Contract
Arton Capital, a global financial advisory firm, on Tuesday had said it had appointed Lim as its new business development manager for Singapore. The company on Thursday issued a statement saying that it had terminated the employment contract with Lim effective immediately.
«We hired Mr Lim before any of this came to light. As we take due diligence and regulatory concerns very seriously, and in line with our probation period terms, the agreement with Mr Lim has been cancelled,» said a spokesperson.
