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American Express Sets Aside $60M for Possible DOJ Action Against Miami Unit
By Brian Orsak
printAmerican Express Co. has set aside $60 million for regulatory and legal matters related to a U.S. Justice Department investigation of anti-money laundering compliance programs at its private banking operation. The financial services company acknowledged Wednesday in a regulatory filing that it established the reserve during the first quarter for a possible action against its American Express Bank International unit. American Express first disclosed the matter when it reported first-quarter earnings on April 19. The Miami-based unit was subpoenaed by the Justice Department in early 2004 for information on its AML programs and some client accounts, American Express said. Last...
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