Enforcement collaboration between IA and HKMA – Insurance Authority suspends Cheung Tak On for two months and orders a fine of $2,900 for misappropriating gift vouchers

enforcement update

The Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA) have taken disciplinary action against Mr. Cheung Tak On, a technical representative appointed by an Authorized Institution. The IA suspended Mr. Cheung’s license for two months and ordered him to pay a pecuniary fine of HK$2,900. The HKMA’s investigation found that Mr. Cheung took 20 gift vouchers worth HK$2,900 from an Authorized Institution without its knowledge or authorization. He kept these vouchers for himself without notifying his employer. After being discovered, Mr. Cheung admitted his wrongdoing and returned the remaining coupons. The IA deemed Mr. Cheung’s conduct to have crossed the ethical line between right and wrong, demonstrating a lack of fitness and properness to be a technical representative. The HKMA’s Executive Director (Enforcement and AML) praised the collaboration between the IA and HKMA, aiming to send a strong deterrent message to the industry and practitioners that dishonest conduct will not be tolerated.

Resource: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/01/20240110-3/

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