DOJ Slaps American Express With $65M Fine

Law360, New York (August 7, 2007, 12:00 AM EDT) -- Two units of American Express Co. have agreed to pay $65 million for failing to put effective mechanisms in place to prohibit the alleged laundering of tens of millions of dollars in drug money between the United States and South America.

Miami-based American Express Bank International agreed to forfeit $55 million to settle a charge by the U.S. Department of Justice that it failed to maintain an effective anti-money laundering program as mandated by the Bank Secrecy Act. AEBI and Salt Lake City, Utah-based money services...
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