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Insurance Authority Inspection Results in Enhancement to Anti-money Laundering Controls and Processes; FWD Life Insurance Fined $19.5M
2026-09-24 17:04:39 Following an on-site inspection carried out by the Insurance Authority (IA) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO), FWD Life Insurance Company (Bermuda) Limited (the Company) has been ordered to pay a pecuniary penalty of HK$19.5 million. The IA found shortcomings in the Company’s payor identification controls on third party payments, controls on potentially suspicious transactions including cash payments, data capture and screening of Politically Exposed Persons, and conducting customer due diligence on particular transactions. The Company has implemented a series of measures to address the identified issues and to bolster its governance, controls and oversight. The IA acknowledges the Company’s early acceptance of the findings and its commitment to remediating the identified issues and enhancing its governance and controls. In addition, the Company confirmed that, after enhanced reviews, there had been no onboarding of non-eligible customers as a result of delayed detection. All authorized insurers carrying on long term business must have in place effective anti-money laundering and counter-terrorist financing controls and procedures to combat money laundering and terrorist financing activities which is vital to maintaining Hong Kong’s position as an international finance centre. FWD responded by acknowledging the findings of the routine AML inspection, initiated by the Insurance Authority in 2023, of its Hong Kong business for FWD Life Insurance Company (Bermuda) Limited. With regulatory compliance as its top priority, remediation is substantially complete for the areas identified for improvement. This included a thorough review of customers who were onboarded during the relevant period and it can confirm there had been no onboarding of non-eligible customers. FWD cooperated closely with the IA and is fully committed to making ongoing investments in people, systems, and processes to ensure the company meets the high standards expected of itself. ~ AASTOCKS Financial News Website: www.aastocks.com | |