Safeguarding Trust in Singapore’s Financial Sector
The Monetary Authority of Singapore (MAS) has issued 15-year prohibition orders against Han Delong, a former employee of UOB and OCBC, following his conviction for multiple fraud-related offences. Effective from Dec 7, these orders bar Han from providing financial advisory services, participating in the management of financial firms, or engaging in any regulated activities within the financial sector.
Conviction Details and Fraudulent Scheme
Han was convicted in May last year for crimes including criminal breach of trust, cheating, forgery, and laundering the proceeds of his misconduct. Between 2015 and 2018, he defrauded seven clients of almost S$2 million by promoting fictitious fixed deposits and investment products. Using forged bank documents to create the illusion of legitimacy, he redirected the funds for personal use, including supporting his brother and former girlfriend and repaying other victims.
While serving as a senior personal banker at UOB and later as a relationship manager at OCBC, Han exploited his professional roles to carry out these fraudulent activities. He continued his misconduct even after leaving both banks. In court, he pleaded guilty to 27 charges involving over S$1.2 million, including multiple counts of criminal breach of trust, cheating, and forgery.
MAS’s Rationale for the Prohibition Orders
MAS stated that Han’s convictions demonstrated his inability to provide financial advisory services with honesty and integrity. Although no longer a licensed representative in Singapore, the prohibition orders serve as a preventive measure to uphold trust in the financial sector.
“This action underscores MAS’s commitment to safeguarding the integrity of Singapore’s financial system and protecting customers from dishonest actors,” the central bank stated.
Through these stringent measures, MAS aims to reinforce confidence in the financial industry, deterring future misconduct and ensuring adherence to the highest ethical standards.
