We protect 6 of the world’s top ten banks and 7 of America’s ten largest corporations

Skip Navigation LinksSoftware Solutions > By Industry > Financial institutions

Financial Services Industry

Key Challenges: The financial services industry operates within an environment of intense regulation. Since the global financial crisis of 2008, the amount of regulation and legislation targeted to the industry has increased significantly.

The most challenging category of regulation for financial firms may be the Know Your Customer (“KYC”) rule, which requires companies to obtain evidence of each customer’s identity and the source of their funds, and to maintain current evidence for the duration of the relationship. To comply with KYC regulations, financial institutions must have a thorough, dynamic due diligence process that includes access to a comprehensive database of high-risk individuals, their family members, and their business associates.

WorldCompliance Solution:

World-ZL >> Continuous Batch Screening Software

World-ZL enables you to batch screen your entire customer list and identify PEPs, corrupt politicians, terrorists, sanctioned entities, and more than 40 other risk categories, giving you valuable protection. Learn more.

Case Study

Company: AON Corporation
Charges: Bribing government officials
Penalty:

$14.5 million in disgorgement and prejudgment interest to the SEC, plus $1.8 million in criminal fines to the U.S. Department of Justice


Aon is one of the world’s largest insurance brokers. The company provides insurance and reinsurance brokerage as well as risk management, human capital and management consulting services. AON is based in Illinois and employs 59,000 individuals in more than 120 countries.

On December 20, 2011, Aon was accused of bribing government officials in various countries including Egypt, Vietnam, Indonesia, Costa Rica, the United Arab Emirates, Myanmar and Bangladesh. In one instance, the company was accused of using employee training funds to reimburse employees of Costa Rica's state-owned insurance company for tourist travel abroad with their spouses between 1983 and 2007.

AON’s subsidiaries gained more than $11.4 million in profits and paid more than $3.6 million in improper payments to win or retain contracts in those countries.

Aon agreed to pay more than $16 million to settle criminal and civil allegations.

WORLD-ZL

Continuous Batch Screening Software