WASHINGTON — The Federal Reserve Board and Treasury's Financial Crimes Enforcement Network have announced $65 million in penalties assessed against American Express Bank International and American Express Travel Related Services Company, Inc. for violations of the Bank Secrecy Act.

The Fed and FinCEN assessed $20 million in civil penalties against AEBI plus another $5 million for its travel company. The orders were coordinated with the Department of Justice, which is announcing a deferred prosecution agreement with AEBI in connection with charges that the company failed to maintain an anti-money laundering program. AEBI will forfeit $55 million to the United States to settle the Department's forfeiture claims. A deal was struck to bring this all to $65 million if satisfied.

AEBI and its Travel Related Services, without admitting or denying fault, agreed to the penalties and a Cease and Desist order was issued against AEBI to take corrective actions by the Fed.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.