FSA hits Willis with record anti-bribery fine
The Financial Services Authority (FSA) has fined Willis £6.895m for failings in its anti-bribery and corruption systems and controls.
The regulator said these failings created an unacceptable risk that payments made by Willis to overseas third parties could be used for corrupt purposes. This is the biggest fine imposed by the FSA in relation to financial crime systems and controls to date.
Between January 2005 and December 2009, Willis made payments to overseas third parties who assisted it in winning and retaining business from overseas clients, particularly in high risk jurisdictions.
These payments totalled £27m. The FSA
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