Worldwide Finance Awards 2025, Acquisition International | 19 Leaders in Financial Crime Prevention & Compliance 2025 - APAC n the insurance industry, trust is everything. BOC Life has built a reputation of trust by upholding the utmost standards of governance, business ethics, compliance and risk management in all aspects of its operations, and is committed to becoming the trusted life partner for its stakeholders... Francis comments, “BOC Life is building lasting relationships with its key stakeholders, safeguarding the corporate image while contributing to the wellbeing of individuals, families, and the wider community. The company creates win-win and shared value through cross-industry collaboration with innovation, product and service excellence as well as CSR efforts, in fostering a sustainable future for all.” The BOC Life brand represents so much more than just a leading insurance company in Hong Kong. It seamlessly blends tradition and innovation to meet the changing needs of the modern world. The company has redefined what insurance means for individuals by embracing innovation with uplifted efficiency and customer experience. A notable example of this is its award-winning Live Young wellness app, which enables users to track their health parameters, earn rewards through conducting physical exercise and switching to healthy lifestyle. Users could also donate their rewards points for charity purposes to give back to the community while enjoying enhanced fitness. With over 130,000 registered members using the platform, it is transforming people’s perception on insurance, focusing on wellness. BOC Life’s FCC work plays a crucial role in protecting both the company and the customers’ interest against financial crime while embracing innovation and efficiency. BOC Life works with a variety of stakeholders, including internal business units and external counterparts like regulators, auditors, and industry partners. “Traditionally, FCC has been viewed as a “showstopper” within organisations, particularly when it comes to innovation or addressing emerging risks,” Francis said. “The historical approach has often focused on identifying risks and blocking activities that posed potential threats. However, as the regulatory environment evolves and businesses seek to innovate in increasingly complex markets, the role of FCC has shifted. We strive to balance the need for compliance with the organisation’s goals of fostering collaboration, communication, and knowledge-sharing.” “As technology advances and customer expectations evolve, BOC Life is ready to adapt and lead. The company remains adoptable to emerging technology, promoting financial inclusion, and amplifying its social impact to stay ahead of a rapidly changing industry.” -Francis Choi BOC Life provides guidance to its customers, helping them understand the risks involved in their operations. It isn’t restrictive but empowers customers to make informed decisions through tools and knowledge. “By explaining where risks lie and how they can be mitigated, we transform compliance from a perceived barrier into an integral part of business planning,” said Francis. Strong communication and transparency are key to this approach, allowing the teams and customers to align compliance efforts with business objectives. Francis goes on to say, “In this rapidly changing business environment, FCC is no longer about stopping risks but about finding ways to balance compliance with innovation. By focusing on communication, collaboration, and education, company compliance becomes an enabler of sustainable business growth rather than an obstacle. FCC is no longer merely a gatekeeper granting approvals; it is now a partner to the business units, working together to protect the company and customers’ interest against risks from financial crimes.” In terms of what is yet to come, Francis tells us that the FCC industry is very much in a period of transformation, and in some ways, it is in gradual decline. She explains, “With advancements in technology such as AI, decentralised finance, and web3, much of the business-as-usual work in FCC is likely to be replaced by artificial intelligence in the near future. The industry is at a crossroad, and its professionals must adapt to these changes to remain relevant as valuable contributors.” She specifies the importance of a strong professional mindset to succeed in light of these shifts and the industry also needs to recognise that compliance work is no longer just about adhering to the rules or performing routine tasks. Francis concludes, “The FCC industry is transforming rapidly, and it is imperative for professionals to adapt and grow alongside with such transformation. By embracing technology, fostering a mindset of continuous learning, and approaching their network with genuine care, FCC practitioners will be able to ensure their relevance and contribute to a more stable and inclusive financial ecosystem.” Company name: BOC Group Life Assurance Company Limited Contact name: Francis Choi Website: www.boclife.com.hk/en Technology crime, such as scams, internet fraud, and deepfake technology, is an increasing issue, with criminals deceiving individuals and organisations by using tools such as AI. In order to stay vigilant when it comes to such threats, financial institutions are having to invest heavily into advanced fraud detection systems, while also doing their part to educate the public. Backed by Bank of China (Hong Kong) Limited and Bank of China Group Insurance Company Limited, BOC Group Life Assurance Company Limited (BOC Life) provides comprehensive life insurance and wealth management services tailored to customer needs. Its Financial Crime Compliance (FCC) team plays a vital role in maintaining strict anti-money laundering and fraud prevention standards. BOC Life works relentlessly to protect its customers’ interest from the ever-evolving risks within the financial world. We speak to the company’s expert Head of Financial Crime Compliance, Francis Choi to learn more. I
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