American Express Bank International Must Pay $65 Million for Fines and Forfeiture in International Money Laundering Violations

On August 6, 2007, the Board of Governors of the Federal Reserve System and the Financial Crimes Enforcement Network (FinCEN) announced that they have imposed monetary penalties, which, along with forfeiture actions taken by the U.S. Department of Justice, will cost American Express entities $65 million. The Federal Reserve Board and FinCEN concurrently assessed $20 million in civil money penalties against American Express Bank International (AEBI) of Miami, Florida, for significant violations of the Bank Secrecy Act (BSA). Additionally, FinCEN announced a separate $5 million civil penalty against American Express Travel Related Services Company, Inc., a money services business for its violations of the BSA… [more]