Aon Corp.'s United Kingdom unit was fined close to $8 million by Great Britain's Financial Services Authority (FSA) for making questionable payments overseas, the regulator said today.
The FSA fined Aon Ltd. ?5.25 million ($7.99 million) for making the payments and not instituting adequate controls to ensure bribery and other corrupt practices did not take place.
Between Jan. 2005 and Sept. 2007, the FSA said Aon Ltd., the London-based unit of Chicago based Aon Corp., failed to "properly assess the risks involved in its dealings with overseas firms and individuals helped it win business and failed to implement effective controls to mitigate those risks.
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