Hong Kong Hits AIA With Record Fine for Anti-Laundering Lapses
- AIA was fined HK$23 million by the Insurance Authority
- Hong Kong regulators escalated scrutiny of the industry
AIA Group branding in Hong Kong.
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AIA Group Ltd. was subject to a record fine of HK$23 million ($2.9 million) by the Insurance Authority for anti-money laundering oversight, as the city’s regulators steps up scrutiny of the industry.
An on-site inspection by the regulator found “technical issues” with AIA’s anti-money laundering system and associated algorithm, the Insurance Authority said in an e-mailed statement on Friday. The inspection was related to business between the period of March 2016 to October 2022, it said.