AIA International Hong Kong branch fined HK$23m over PEP & EDD failings

The Hong Kong branch of AIA International Ltd, Asia's largest life insurance group, is to pay a HK$23 million (US$3 million) penalty after the Insurance Authority (IA) in Hong Kong found the company's screening processes had not always identified politically exposed persons (PEPs) in the period March 2016 to October 2022.

The Hong Kong branch of AIA International Ltd, Asia's largest life insurance group, is to pay a HK$23 million (US$3 million) penalty after the Insurance Authority (IA) in Hong Kong found the company's screening processes had not always identified politically exposed persons (PEPs) in the period March 2016 to October 2022.