Metlife Ltd and Metropolitan Life Insurance Company of Hong Kong have been ordered to pay a fine of HK$7 million for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).
The fine and reprimand by the Hong Kong Insurance Authority (IA) follows findings that they broke the law between January 2015 and October 2017.
The companies failed to maintain effective procedures to determine whether their customers (or the beneficial owners of its customers) were Politically Exposed Persons (PEPs) prior to entering into business relationship, establish the source of funds, source of wealth or obtain senior management approval to continue the business relationships.
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