Former Hong Kong bank manager sentenced over cryptocurrency bribes and false standby L/Cs

Lam Chun-yin, a former relationship manager at China Construction Bank (Asia), pleaded guilty to conspiring to accept Tether cryptocurrency worth more than US$470,000 in bribes. The ICAC said the payments were linked to the unauthorised authentication of false instruments as guarantees for insurance-related investment transactions.

The Hong Kong District Court sentenced Lam to four years’ imprisonment and ordered restitution of approximately HK$3.7 million. The conviction followed his guilty plea under Hong Kong’s Prevention of Bribery Ordinance and Crimes Ordinance.