Aon Corporation will pay the US Department of Justice (DOJ) and the US Security Exchanges Commission (SEC) around USD16.3 million (GBP10.4 million) because of “certain payments made in overseas jurisdictions between 1983 and 2007.”
Aon will pay USB1.76 million to the DOJ as part of a ‘non-prosecution agreement’, and approximately USD14.55 million to the SEC in disgorgement and interest to settle a civil action. The company expects no impact of fourth quarter results as the settlement amounts were accrued for in prior periods.
In the non-prosecution agreement, the DOJ cited Aon’s cooperation, its timely disclosure of the facts, the efforts undertaken by the firm including the improvements Aon made to its anti-corruption compliance procedures, and Aon’s prior settlement of the matters with its UK regulator, the FSA.
Since beginning an internal review of the issues in 2007, Aon has put in place a comprehensive, global and robust anti-corruption program designed to prevent and detect improper conduct. As part of a related settlement in 2009, Aon Limited’s regulator, the UK Financial Services Authority (FSA), stated that “the pro-active determination of Aon Ltd.’s current senior management to identify past issues and improve the firm’s systems and controls in this area is a model of best practice that other firms may wish to adopt.”
“Acting with integrity is Aon’s core value and we embody this in our commitment to the highest professional standards for our clients, markets and colleagues,” said Greg Case, president and chief executive officer of Aon. “Aon has invested a significant amount of time and resources in anti-corruption compliance and transparency to greatly enhance our controls and processes.
“The FSA, DOJ and the SEC all have recognized Aon’s determination to set and meet the requisite high standards of compliance in this area. We believe that today our compliance practices are a model of best practice for other firms to adopt.”
Source : AON