AUB’s Tysers Insurance Brokers has agreed to pay the US Department of Justice (DOJ) $US46.589 million ($73.38 million) following an investigation into the conduct of business in Ecuador. 

The DOJ has been investigating Tysers group company Integro Insurance Brokers, “and/or its employees, agents and associated persons” regarding business conducted between 2013 and 2017. The investigation related to suspicions of bribery and corruption and possible associated money laundering. 

AUB said today that terms of a proposed resolution have been finalised and agreed in principle by the parties and would be entered into the record following a US court hearing. 

The investigation was previously disclosed by AUB, which said in its last annual report that it had obtained contractual protections in Tysers transaction documents and had recognised a provision and related recoveries regarding the matter. 

The proposed resolution announced today has no material impact or change to AUB’s expected net profit after tax this financial year, the company says. 

“We are pleased to have resolved this legacy matter with the DOJ,” AUB CEO Mike Emmett said. 

“Tysers has cooperated fully with authorities and spent considerable time and effort – including investing in a full compliance and control review and uplift – to ensure an effective and best-in-class compliance program is both implemented and maintained.” 

The UK Serious Fraud Office has previously said that it has decided not to take any action against Integro in respect of the alleged conduct.