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

On September 2nd, the Hong Kong Securities and Futures Commission found former UBS AG vice president Sun Jianrong guilty of money laundering and contempt of court, and banned him for life from re-entering the industry. The case stemmed from Sun acting as a client advisor for two mainland clients with joint accounts at UBS. Due to difficulties in transferring Renminbi from the mainland to Hong Kong, they made an arrangement with Sun to facilitate cross-border fund transfers. Under this arrangement, they first transferred funds to a mainland bank account designated by Sun, which would then be sent to Hong Kong and deposited into the joint account.