Here is a round-up of the latest compliance stories from the wealth management sector.

Hong Kong
Hong Kong’s securities watchdog has banned a former DBS investment counsellor from re-entering the industry for six months after it found he had transferred client data before joining another bank. 

The city-state’s Securities and Futures Commission (SFC) banned Chan Wai Nun from 19 January to 18 July after it discovered that he forwarded a list containing personal data related to 208 clients from his work email account at DBS to his personal email address in December 2015, the regulator said. 

In February 2016, around two months before he was due to start his new job at another unnamed bank, Chan sent the list from his personal email account to the account of a former colleague who was working for his new employer at the time and would have been Chan’s supervisor when he joined. 

Unknown to Chan, his would-be supervisor then forwarded the client list to his own work email account. The email was identified by Chan’s new employer during routine email surveillance and its origin was traced back to Chan. 

“In deciding the sanction, the SFC took into account all relevant circumstances, including Chan’s remorse and admission of his misconduct, as well as his otherwise clean disciplinary record,” the watchdog said.