FSA fines Aon £5.25m
The Financial Services Authority (FSA) has today fined Aon £5.25m for failing to take reasonable care to establish and maintain effective systems and controls to counter the risks of bribery and corruption associated with making payments to overseas firms and individuals.
Between 14 January 2005 and 30 September 2007, Aon failed to properly assess the risks involved in its dealings with overseas firms and individuals who helped it win business and failed to implement effective controls to mitigate those risks. As a result of Aon's weak control environment, the firm made various suspicious payments, amounting to approximately US$7m, to a number of overseas firms and individuals.
Margaret Cole, director of enforcement, said: "This is the largest financial crime
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