Aon has agreed to a settlement of $16.3m with the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) over payments made in overseas jurisdictions between 1983 and 2007.

The company will pay $1.76m to DOJ as part of a non-prosecution agreement and $14.55m to SEC in disgorgement and interest to settle a civil action.

The company has also completed a related settlement in 2009 with UK Financial Services Authority to prevent and detect improper conduct.

Aon president and CEO Greg Case said that the company had taken necessary steps in anti-corruption compliance and transparency to enhance its controls and processes.

"The FSA, DOJ and the SEC all have recognized Aon’s determination to set and meet the requisite high standards of compliance in this area," Case added.

Aon is the insurance brokerage and risk management business of Aon in the UK.