The Hong Kong Securities and Futures Commission (SFC) has banned Mr Suen Kin-wing, a former Associate Director of UBS AG, from re-entering the industry for life following his criminal convictions for money laundering and committal for contempt of court. The SFC concluded he is not fit and proper to be a regulated person. The case concerned Suen’s role as client adviser to two Mainland Chinese clients with a joint UBS account and an arrangement to facilitate cross-boundary fund transfers via bank accounts in the Mainland designated by Suen. The clients transferred over RMB132 million to those accounts between November 2016 and February 2018, but later found a significant proportion missing. The Court found that deposits totalling over HKD134 million had been diverted into two Hong Kong bank accounts belonging to Suen and were crime proceeds from sums he had defrauded or stolen from the clients; Suen was sentenced to 10 years’ imprisonment after pleading guilty to two counts of dealing with property known or believed to represent proceeds of an indictable offence. Separately, after the clients obtained a worldwide freezing injunction restraining dealings in his assets up to HKD130 million, Suen breached the injunction by assigning interests in UK properties to a BVI company owned by him and was sentenced to six months’ imprisonment for contempt of court.
Hong Kong Securities & Futures Commission 2025-09-02
Hong Kong Securities and Futures Commission bans former UBS adviser Suen Kin-wing from the industry for life
The Hong Kong Securities and Futures Commission (SFC) has permanently banned Mr. Suen Kin-wing, a former UBS AG Associate Director, due to criminal convictions for money laundering and contempt of court. Suen diverted over HKD134 million in crime proceeds from Mainland Chinese clients, leading to a 10-year imprisonment sentence. Additionally, he breached a worldwide freezing injunction, resulting in a six-month sentence for contempt of court.