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U.K. Regulator Fines Insurance Firm Nearly $8 Million for Bribery Payments
printThe U.K.'s chief financial services regulator fined a London-based insurance firm nearly $8 million for poor controls of overseas payments sent to the Middle East, eastern Europe and Asia. The Financial Service Authority (FSA) said Tuesday that between January 2005 and September 2007, Aon Limited failed to monitor roughly $7 million in transactions potentially used for bribes to garner business deals. The payments were made by Aon's aviation and energy divisions to companies in Bahrain, Bangladesh, Bulgaria, Burma, Indonesia and Vietnam, the FSA said. Aon later reported the transactions as suspicious to Britain's Serious Organized Crime Agency, and agreed to...
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