Stiff Fines Prompt Amex to Bolster Money-Laundering Vigilance

["Paul Ferguson" <fergdawg () netzero net>]

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Via eWeek.

[snip]

American Express Bank International learned an expensive lesson when it
agreed on Aug. 6 to pay a stiff penalty to the federal government after
admitting that it failed to install and maintain anti-money-laundering
software at its Miami office.

The bank, which has about $1 billion in assets, must fork over a whopping
$65 million, including $55 million in restitution and $10 million in
penalties to the Department of the Treasury, as a result of negligence in
its banking and compliance practices.

A criminal information affidavit filed in U.S. District Court in Miami
charged the bank with a single count of failing to maintain an effective
anti-money-laundering program, and Amex decided not to fight the charge and
to take the fine instead.

The investigation raises obvious questions about why the bank's executives
failed to address the money-laundering problems earlier. The transgressions
apparently had been happening for several years, according to the federal
affidavit.

[snip]

More:
http://www.eweek.com/article2/0,1759,2168102,00.asp

- - ferg

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--
"Fergie", a.k.a. Paul Ferguson
 Engineering Architecture for the Internet
 fergdawg(at)netzero.net
 ferg's tech blog: http://fergdawg.blogspot.com/


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