Insurance Authority reprimands and fines three broker companies and reprimands three related individuals for failure to comply with the Anti-Money Laundering and[...]

Insurance Authority reprimands and fines three broker companies and reprimands three related individuals for failure to comply with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance

4 March 2026

The Insurance Authority (IA) has reprimanded and imposed a fine of HK$429,000 against three licensed insurance broker companies and reprimanded three related individuals for failure to comply with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)¹.

The contraventions of ASI-Union Global Assets Management Ltd. (FB1534), Macroscopica International Wealth Management Ltd. (FB1557) and Bay Union Insurance Brokers Limited (formerly known as Huize Hong Kong Insurance Broker Limited) (FB1661) include failure to establish and maintain effective procedures for conducting customer due diligence and determining whether their customers were politically exposed persons or a person was purporting to act on behalf of the customer, and failure in keeping the relevant records. Effective remedial actions have since been taken by the three broker companies to address these deficiencies.

Broker companies remain at the frontline of interaction with policy holders and play a vital role in safeguarding the reputation of Hong Kong as an international financial centre by preventing the insurance sector from being exploited for money laundering and other financial crimes.

Further details are available at the section titled "Enforcement News" and the Register of Licensed Insurance Intermediaries on the IA website.

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¹ These disciplinary actions were taken under section 21 of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.