AON RECEIVES FINANCIAL SERVICES AUTHORITY’S LARGEST FINANCIAL CRIME RELATED FINE TO DATE
The UK’s Financial Services Authority has imposed a fine on Aon Limited of £5.25 million. FSA contended that Aon failed to take reasonable care to establish and maintain effective systems to counter the risks of bribery and corruption associated with making payments to overseas firms and individuals. As a result, between January 2005 and September 2007, Aon failed to properly assess the risks involved in its dealings with firms and individuals in Bahrain, Bangladesh, Bulgaria, Burma, Indonesia and Vietnam who helped it win business. In total, the firm made suspicious payments amounting to approximately $7 million. This is the largest financial crime related fine imposed by the FSA to date. The FSA published a press release and a Final Notice relating to this fine.
This post written by Brian Perryman.
