China Life Insurance, in its money laundering and terrorism financing (ML/TF) risk assessment of new contracts, is found to have deficiency in the setting of its computer system that led to underassessment of customer risks which may impede sound operation of the company. In addition, in its anti-money laundering and combating financing of terrorism (AML/CFT) operation, the company did not make real attempt to understand the sources of funds of high-risk customers, which is adverse to the enhanced due diligence operation for high-risk customers and may impede the company’s sound operation. Hence the FSC issues 2 official reprimands. For further information please refer to the website of the Insurance Bureau in Chinese version.