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.
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