SINGAPORE — A former representative of UBS Bank in Singapore has been issued with three-year prohibition orders by the Monetary Authority of Singapore (MAS) for forging documents and falsifying company emails.
Paris Michele’s responsibilities in UBS included conducting due diligence on the bank’s customers, the MAS said in a statement on Monday (17 June).
In 2013, he deceived UBS into believing that certain clients were tax compliant in their home countries by forging letters from foreign law firms.
Michele was convicted of forgery charges and fined S$13,200 by a court on 14 June 2017. UBS did not suffer monetary losses and Michele did not profit from his misconduct.
As part of his job, Michele had to conduct background checks on persons dealing with UBS on behalf of other financial intermediaries. He had falsified emails during such checks.
He is banned from performing any regulated activity under the Securities and Futures Act and giving financial advisory service under the Financial Advisers Act under the POs. He is also prohibited from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital market and financial advisory services firm.
Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “Michele's deceitful behaviour, which involved forging of customer due diligence documents, could have seriously compromised UBS' processes to combat money laundering and terrorism financing...Such misconduct must be dealt with firmly to preserve the integrity of our markets.”