The Monetary Authority of Singapore (MAS) issued a one-year prohibition order against a former HSBC Bank representative after he failed to disclose his previous involvement in police investigations and criminal proceedings.
Aw Jun Ray, Reko Corinthians, is banned for a year from providing any financial advisory services, according to a statement from the MAS on Monday. Aw was investigated by the police and was issued a 24-month conditional warning in 2022, neither of which he declared when applying to a role in HSBC afterward.
“These contraventions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly,” MAS said.
The regulator separately issued a nine-year prohibition order against Hoi Wei Kit, a former representative of OCBC Bank. Hoi was sentenced to 30 months in prison in 2022 for cheating the bank’s customers of $170,000.
