Laying down the law

Regulated firms should take note: the FSA has just levied its highest-ever fine for financial crime. Chris Warren-Smith, Jehan-Philippe Wood and Ian Pegram discuss the lessons other institutions should learn from the regulator's action against Aon

The UK Financial Services Authority's (FSA) decision in January 2009 to fine Aon for failures in the systems and controls in place at the insurance broking giant provides a number of important lessons for the financial services sector. The FSA found that these failures led to Aon not detecting certain suspicious payments to overseas third parties. The size of the fine, £5.25 million, is the largest FSA fine to date for systems and controls breaches relating to financial crime offences, and

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