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Insurance broker receives second fine for lax anti-bribery controls

Compliance Monitor

Insurance broker receives second fine for lax anti-bribery controls

A previous fine, work with a Skilled Person,along with group-wide third-party due diligence and approval processes, wereinsufficient to prevent corrupt payments related to Jardine Lloyd Thompson’sSouth American business – including an instance of over US$3 million in bribes.Denis O’Connor analyses the lessonsfor careful consideration.

The Financial Conduct Authority has fined JLTSpeciality Limited (JLTSL), an insurance broker, over £7.8 million over poorbribery controls, including one case where bribes of US$3m were paid. [1]Without acknowledging its repeated weaknesses, the firm would have received afine of £11,259,000. This fine represented JLTSL’s second regulatory sanctionfor poor bribery controls, as it had been fined £1,876,000 in 2013 for similarfailings.

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