Insurer Aon has been hit with the FSA's largest ever financial crime-related fine after it unwittingly made more than $7m worth of "suspicious" payments to overseas firms and individuals.
The regulator says the £5.25m fine relates to the company's inadequate bribery and corruption controls, claiming the firm failed to properly ensure its cash wasn't being sent to corrupt practices. "The involvement of UK financial institutions in corrupt or potentially corrupt practices overseas undermines the integrity of the UK financial services sector," FSA director of enforcement Margaret Cole says. The FSA says, between 14 January 2005 and 30 September 2007, Aon failed to properly assess the risks involved in its dealings with overseas firms and individuals. Aon says its conduct ...
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