Lim Fang Wee hid the identity of the owner of 3 accounts from the bank.
The Monetary Authority of Singapore (MAS) issued 4-year prohibition orders against former Credit Suisse representative Lim Fang Wee.
According to an announcement, the orders prohibit him from performing any regulated activity under the Securities and Futures Act (SFA) and any financial advisory service under the Financial Advisers Act (FAA), as well as taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.
Lim, as a former representative of Credit Suisse AG, Singapore Branch (CS), had deliberately concealed the identity of the true beneficial owner of three CS accounts from the bank. This made it more difficult for CS 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,” MAS said.
Lee Boon Ngiap, assistant managing director (Capital Markets), MAS, said: “The financial industry is the first line of defence in detecting suspicious transactions. Finance professionals who engage in dishonest conduct to frustrate the detection of such suspicious transactions must be dealt with firmly. This is necessary to safeguard public trust in our financial institutions and Singapore’s reputation as a clean financial centre.”
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