The Securities and Futures Commission (SFC) of Hong Kong has issued a lifetime ban to Charles Lam Chung-yiu, a former associate director at UBS Group, following his criminal convictions. Lam was sentenced to seven years in prison in 2023 after pleading guilty to charges of theft and money laundering. He was accused of stealing approximately USD1.87m from UBS and laundering about HKD1.07m. The SFC declared Lam unfit to be licensed or registered for regulated activities within the industry. Additionally, the SFC released two simplified licensing guides for visiting and returning financial professionals, building on the five guides published last year aimed at various financial sectors.