The Hong Kong Insurance Authority has disciplined six individuals for breaching insurers’ internal anti-money laundering and counter-financing of terrorism controls. The regulator banned them from becoming insurance intermediaries or suspended their licences for periods ranging from six to 13 months. The individuals assisted customers in falsely declaring that they had purchased bank drafts totaling about HKD 7.3 million to settle insurance premiums, while making the purchases on the customers’ behalf. The authority emphasized that licensed intermediaries must comply strictly with insurers’ internal controls and keep abreast of applicable regulatory requirements because money laundering and financing of terrorism offenses carry heavy penalties.
Hong Kong Insurance Authority disciplines six intermediaries over AML and counter-financing of terrorism control breaches involving HKD 7.3 million
The Hong Kong Insurance Authority banned or suspended six individuals for six to 13 months over breaches of anti-money laundering and counter-financing of terrorism controls. They helped customers make false declarations concerning bank drafts totaling about HKD 7.3 million that were used to pay insurance premiums.