Insurance Industry Enforcement
The IA's Twin Giants: AIA HK$23m & FWD HK$19.5m
The two largest-ever IA fines — forged PPD declarations, HK$23.8m in split-cash, 58 missed PEPs.
Deep analysis →Personal Liability: The Signal Behind HK$429k
Three brokerages fined, three individuals reprimanded, first-ever criminal prosecution — accountability goes personal.
Deep analysis →Unlicensed Referrals: The First IA-ICAC Joint Raid
90%+ of commissions as referral fees, reps as rubber stamps, false declarations — s.64G carries two years.
Deep dive →Small Fines, Big Signals: The Amount Is Not the Point
HK$12,000 over an HK$11.8m PI shortfall; HK$37,270 over a client's lost HK$72,730 — small figures flag big defences.
Deep dive →Integrity Lines: Forged Signature Ban · Fake Degree Bars
Four-month suspension for a photocopied signature; 23–35-month bars for degrees that never existed.
Deep dive →Banking AML Enforcement
Licensed-Corporation Controls
UBS Fined Twice: The 12-Year PI Error
Same root cause, two fines — 560 joint accounts misclassified as PI; a chronic compliance condition.
Deep analysis →EFG HK$10.85m: Not Knowing What You Sell
A joint SFC–HKMA action — six years of PDD failure exposes the weakest link in the distribution chain.
Deep analysis →IBKR HK$586bn: The Price of One Line of Code
One bug, three years, HK$586bn of client securities lent without authority — tech risk is compliance risk.
Deep analysis →Control Sweep: Bright Smart & Kylin
Wash-trade surveillance + fund-management failures — the SFC's lens turns to mid-tier firms' daily controls.
Deep analysis →The Framework
The HK$787m Sponsor Fines: IPO Diligence's Ceiling
The SFC's largest-ever sponsor penalties — four investment banks' diligence failures, the outer limit of gatekeeper duty.
Deep analysis →Penalty Arithmetic: Three Regulators, Three Formulas
The "HK$10M or 3×" cap structure + aggravating/mitigating weights — why IBKR drew HK$4.2m and AIA HK$23m.
Deep analysis →