Hong Kong Securities and Futures Commission: Former UBS Vice President, Sun Jianrong, banned for life from re-entering the industry

The Smart Financial APP learned that on September 2nd, the Hong Kong Securities and Futures Commission found former UBS AG(UBS) Vice President Sun Jianrong (male) guilty of money laundering and contempt of court, and banned him for life from re-entering the industry. The case originated from Sun acting as a client advisor for two Mainland clients with a joint account at UBS. Due to difficulties in transferring RMB from Mainland China to Hong Kong, they made an arrangement with Sun to facilitate cross-border fund transfers. Under this arrangement, they would first transfer funds to a designated Mainland bank account specified by Sun, and then the funds would be sent to Hong Kong and deposited into the joint account.