Insurance Authority reprimands predecessor of MetLife for breaching anti-money laundering provisions and fines $7 million
保監局就多項違反《打擊洗錢及恐怖分子資金籌集條例》規定予以譴責並施加700萬元罰款
The Insurance Authority reprimanded two insurance companies, formerly known as MetLife, for breaching seven specified provisions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, and imposed a fine of HK$7 million. The investigation found that between January 2015 and October 2017, the two companies failed to maintain effective procedures to identify politically exposed persons and monitor suspicious transactions. The two companies have taken remedial measures and were acquired by FWD Group on 30 June 2020.
The press release specifies the breach period and the seven provisions involved, allowing readers to verify the basis for the fine and each of the control deficiencies.
Source: 保監局·新聞稿 · ia.org.hk