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JLT Specialty fined GBP7.8 million for financial-crime failings

( June 22, 2022, 10:19 GMT | Official Statement) -- MLex Summary: The UK’s Financial Conduct Authority has fined insurance broker JLT Specialty 7.8 million pounds ($9.5 million) for financial crime control failings. The FCA said that JLT Specialty had failed to manage its business and risks responsibly and effectively, leading to bribery valued at more than $3 million. “Lax controls by JLT Specialty meant, ultimately, that money flowed into the pockets of corrupt officials. It is because of risks such as this that we are maintaining our focus on financial businesses’ financial-crime systems, taking action where these firms fall short,” said Mark Steward, the FCA’s executive director of enforcement and market oversight. JLT was previously fined by the FCA in December 2013 over poor antibribery controls.Statement below. ...

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