DEA Probe Links Colombian Narcotics Operation to American Express Unit, Forbes Reports

By Brian Orsak

A Drug Enforcement Administration investigation has connected American Express Cos. to a Colombian drug and money laundering operation, Forbes reported on its website. A senior DEA official confirmed that the agency is investigating the company's Miami-based private banking unit and said the case involves money laundering schemes known as black market peso exchanges, according to a report in the July issue of Forbes. The announcement follows an April 19 disclosure in company earnings report that American Express had set aside $60 million for regulatory legal matters relating to a U.S. Justice Department investigation of the anti-money laundering compliance program of...