Kathmandu. Hong Kong’s insurance regulator has fined 3 insurance brokers for breaching anti-money laundering laws.
Hong Kong’s Insurance Authority said in a press release on March 4 that three licensed insurance brokers were fined $54,900 (about Rs 8.125 million) for not complying with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The penalty has been imposed on ASI-Union Global Assets Management, Macroscopika International Wealth Management and Bay Union Insurance Brokers (formerly Hughes Hong Kong Insurance Brokers).
“These insurance brokers have failed to establish and maintain effective procedures to conduct due diligence on the clients, that the clients are politically exposed individuals, that they do not have clear provisions on customer identification, and that they have failed to maintain relevant data,” the statement said. It is also said that the companies have taken action to address these issues. –Agency
