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 Ltd., Macroscopica International Wealth Management Ltd., and Bay Union Insurance Brokers Limited (formerly Huize Hong Kong Insurance Broker Limited) included failing to establish and maintain effective procedures for conducting customer due diligence, determining whether their customers were politically exposed persons or if 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.