The MAS issues a prohibition order against a former UBS employee for forgery and falsification of e-mails

SINGAPORE: The Monetary Authority of Singapore (MAS) has issued a prohibition order against a former UBS employee for falsifying documents and falsifying e-mails.

Paris Michele, a former UBS representative in Singapore, has received a three-year ban order for dishonest conduct, said MAS in a press release issued Monday (June 17th).

At the time, Michele was responsible for the due diligence of her clients.

In 2013, he falsified letters from foreign law firms to trick UBS into believing that some clients were compliant with tax standards in their home country.

During his tenure at UBS, he was also tasked with checking the background of people having relationships with UBS on behalf of other financial intermediaries. The MAS investigation revealed that he had falsified emails during such background checks.

He was found guilty of forgery and fined $ 13,200 on June 14, 2017. Michele did not take advantage of the misconduct and UBS suffered no financial loss as a result of his falsification, said the authority.

Under the Prohibition Orders, Michele is prohibited from carrying on any regulated activity under the Securities and Futures Act and from providing any financial advisory services under the Act. on financial advisors.

He is also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder in any financial and financial markets advisory firm within the meaning of the law.

"Financial services professionals play a vital role in maintaining Singapore's status as a responsible and trusted financial center," said Loo Siew Yee, Deputy Director General of MAS (Policy, Payments and Financial Crime).

"Michele's deceptive behavior, which involved the creation of due diligence documents for clients, could have seriously compromised UBS's anti-money laundering and terrorist financing processes." "said Ms. Loo.

"His subsequent acts of falsification of other documents demonstrate a clear pattern of dishonesty and such misconduct must be firmly opposed to preserve the integrity of our markets," she added.