Hong Kong: Three insurance brokers fined US$54,900 for AML breaches
Source: Asia Insurance Review | Apr 2026
Three licensed insurance brokers in Hong Kong have been hit with a HK$429,000 ($54,900) fine for failing to comply with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, according to a press release by Hong Kong’s insurance regulator on 4 March 2026.
The Insurance Authority stated that the contraventions by ASI-Union Global Assets Management, Macroscopica International Wealth Management, and Bay Union Insurance Brokers (formerly Huize Hong Kong Insurance Broker) included failing to establish and maintain effective procedures for conducting customer due diligence, determining whether their customers were politically exposed persons or whether someone was acting on behalf of a customer, and failing to keep the relevant records.
It added that the companies have taken actions to address the issues. A