The Hong Kong Insurance Authority has reprimanded and fined three licensed insurance broker companies a total of HKD 429,000, and separately reprimanded three related individuals, for failing to comply with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The action covers ASI-Union Global Assets Management Ltd., Macroscopica International Wealth Management Ltd., and Bay Union Insurance Brokers Limited (formerly known as Huize Hong Kong Insurance Broker Limited). The breaches included failures to establish and maintain effective procedures for customer due diligence, to assess whether customers were politically exposed persons or whether someone was purporting to act on behalf of a customer, and to keep relevant records. The three broker companies have since taken remedial actions to address the identified deficiencies; the disciplinary actions were taken under section 21 of the Ordinance.
Hong Kong Insurance Authority 2026-03-04
Hong Kong Insurance Authority fines three insurance broker companies HKD 429,000 and reprimands three individuals for AML/CFT compliance failures
The Hong Kong Insurance Authority fined three insurance brokers HKD 429,000 for breaching the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. ASI-Union Global Assets Management Ltd., Macroscopica International Wealth Management Ltd., and Bay Union Insurance Brokers Limited failed to maintain effective customer due diligence and assess politically exposed persons. Remedial actions have been taken to address these deficiencies.