American Express: Don’t Launder Money Without It
Federal authorities said Monday that American Express was ordered to pay the government millions of dollars in penalties for alleged violations of anti-money-laundering provisions. The Federal Reserve and the Financial Crimes Enforcement Network of the Treasury Department — known as FinCen — said their orders were part of an action coordinated with the Justice Department.Federal authorities accused American Express Bank International of Miami and the American Express Travel Related Services Company of Salt Lake City of violating the Bank Secrecy Act. Banks and other financial institutions are required to have anti-money-laundering programs in place. Those programs are important to government efforts to catch terrorist financiers, drug lords and other criminals.
