A regulator in the jurisdiction has taken action against a former relationship manager at the bank.

A Hong Kong regulator has reprimanded and fined a former relationship manager at ABN AMRO HK$300,000 ($38,691) for account opening failures and for lending money to a client.

The action taken by the Securities and Futures Commission, which followed an investigation it carried out, was against Lui Chi Hang. Lui did not follow account opening procedures required to verify identities of his clients who resided in Taiwan. The SFC also found that Lui had a potential conflict of interest by lending money to a client in his personal capacity on three occasions.

The conduct fell short of industry standards and breached the bank’s internal policies. In deciding the severity of a punishment, the SFC took account of how Lui co-operated with the regulator, and of his clean previous record.