Kathmandu. The Insurance Authority of Hong Kong has taken disciplinary action against 6 insurance intermediaries. <\/p>\n
The authority said that the intermediaries violated the internal controls of the insurance companies and helped provide false information about bank drafts to the customer for premium payment. This payment is worth about $9.30 million. <\/p>\n
Those facing action are Lam Nam, Long Chit, Liang Shuxian, Ng Chi Wah, Yeung Chung Chak and Zhang Jindan. They have been barred from working as insurance intermediaries. Their licenses have been suspended for a period of 6 to 13 months. <\/p>\n
According to the authority, they had helped the customer to make false claims. For this, they had purchased bank drafts to pay the insurance premium. Whereas, in reality, they had actually done those transactions on behalf of the customer. <\/p>\n
Maria Sui, the authority’s head of enforcement, said, “Strong internal controls are necessary to prevent money laundering and terrorist financing (ML\u00f7FT). Licensed intermediaries must strictly adhere to regulatory regulations.” \u2019<\/p>\n
Sui also instructed the mediators to keep abreast of the current rules. She also warned that crimes related to money laundering and terrorist financing could lead to heavy penalties. \u2013 Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The Insurance Authority of Hong Kong has taken disciplinary action against 6 insurance intermediaries. The authority said that the intermediaries violated the internal controls of the insurance companies and helped provide false information about bank drafts to the customer for premium payment. This payment is worth about $9.30 million. Those facing action are Lam […]<\/p>\n","protected":false},"author":16,"featured_media":320153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-320155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=320155"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320155\/revisions"}],"predecessor-version":[{"id":320156,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320155\/revisions\/320156"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/320153"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=320155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=320155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=320155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}