Regulatory Alerts2007-08-06 | 2007-1Added
Assessment of Civil Money Penalty Against American Express Bank International and American Express Travel Related Services Company, Inc
The Financial Crimes Enforcement Network assesses a $25,000,000 civil money penalty against American Express Bank International and American Express Travel Related Services Company for violations of the Bank Secrecy Act. American Express Bank International is penalized $20,000,000 for deficiencies in its anti-money laundering program, including inadequate internal controls, ineffective independent testing, and insufficient compliance personnel designation. American Express Travel Related Services Company is penalized $5,000,000 for failing to timely file over 1,000 Suspicious Activity Report by Money Services Business forms involving more than $500 million in suspicious transactions and for filing 1,639 reports containing over 2,000 errors. The penalty is satisfied by a $10,000,000 payment to the Department of the Treasury within five business days and a portion of a $55,000,000 forfeiture to the Department of Justice.