LONDON-headquartered Besso Ltd has become the first independent wholesale broker to be fined GBP315,000 (US$522,108) by the Financial Conduct Authority (FCA)for failing to put in place adequate checks against bribery and corruption.
Besso was found by the UK regulator to have failed "to take reasonable care to establish and maintain effective systems and controls for countering the risks of bribery and corruption," a FCA statement said, reported New York's Maritime Advocate.
The FCA said Besso operated a "weak control environment surrounding the sharing of commissions with third parties which gave rise to an unacceptable risk that they could be used for corrupt purposes."
FCA director of enforcement and financial crime Tracey McDermott said, "Despite receiving two visits from us, and numerous industry-wide warnings, Besso failed to ensure that they had proper systems and controls in place to counter the risks of bribery and corruption in their business activities."
Besso's rule breaches occurred between January 2005 and end August 2011.
WORLD SHIPPING
28 March 2014 - 23:49
Insurance brokers Besso fined in UK for weak anti-bribery policy
LONDON-headquartered Besso Ltd has become the first independent wholesale broker to be fined GBP315,000 (US$522,108) by the Financial Conduct Authority (FCA)for failing to put in place adequate checks against bribery and corruption.
WORLD SHIPPING
28 March 2014 - 23:49
Insurance brokers Besso fined in UK for weak anti-bribery policy
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