FINWIRES · TerminalLIVE
FINWIRES

FWD Fined HK$19.5 Million by Hong Kong IA Over Money-Laundering Controls

By

FWD Group (HKG:1828) was ordered by Hong Kong's Insurance Authority to pay HK$19.5 million for breaches of anti-money laundering and counter-terrorist financing requirements, according to a disciplinary action statement on Thursday.

The breaches between April 2012 and September 2024 involved third-party payments, suspicious transaction monitoring, politically exposed persons and customer due diligence.

The IA found that 68 of 129 sampled bank drafts, each for HK$400,000 to HK$4.7 million, were not purchased by the policyholders or other declared payors.

FWD also failed to review 306 policies involving HK$23.8 million in split cash payments and missed more than 100 potentially suspicious transaction alerts.

The IA said the breaches reflected systemic weaknesses in FWD's control and governance, while noting the company's cooperation and progress in remediation.

What else is happening in Asia?

Asia

Beijing Compass Technology Development Seeks Up to 500 Million Yuan in Bank Credit Lines

The board of Beijing Compass Technology Development (SHE:300803) approved applications for comprehensive credit lines from three banks to fund working capital loans and related business needs, according to a Wednesday aftermarket filing with the Shenzhen bourse.The company will seek up to 250 million yuan from Agricultural Bank of China with a one-year term, up to 150 million yuan from Xiamen International Bank with a three-year term, and up to 100 million yuan from Industrial Bank with a one-year term.Shares of the investment software developer were down 2% in recent trade.

SHE:300803
Asia

Liquidators Issue Final Notice to Creditors for ST Group Units' Dissolution

ST Group Food (SGX:DRX) said liquidators have issued their final notice and report to the creditors for the liquidation of GCTea 2B and GCTea 2A, according to a Wednesday filing to the Singapore stock exchange.The liquidators also plan to file the 'Notice of Final Account' before the dissolution.Last year, the company decided to liquidate GCTea 2B and GCTea 2A as part of its strategic plans to exit from the Gong Cha Brand in the United Kingdom.

SGX:DRX
Asia

South Korean President, Trump Discuss Warships Construction

South Korean President Lee Jae Myung and U.S. President Donald Trump met on Tuesday on the sidelines of the UN General Assembly to discuss defense and industrial collaboration, including naval shipbuilding.Lee said he expects tangible results from the bilateral partnership, highlighting South Korea's growth strategy in semiconductors, artificial intelligence, and the "7 SEED" initiative targeting small modular reactors, nuclear fusion, and renewables, according to a press release from the South Korean president's office on Wednesday.

^KOSDAQKOSPI