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American Express Ordered to Pay $65M in AML Case
By Brian Orsak
printAmerican Express Co.'s private banking unit agreed to pay $65 million to settle a charge that it didn't maintain an effective anti-money laundering program, the largest AML penalty assessed against a U.S. financial institution. The company also will acknowledge responsibility for AML and Bank Secrecy Act deficiencies at its Miami unit under a deferred prosecution agreement filed in U.S. district court, the Justice Department said today in a statement. The charge will be dismissed in 12 months if the bank implements certain AML measures, the Justice Department said. "Today an established and respected financial institution learned a valuable lesson about...
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