On 8/7/07, Paul Ferguson <[EMAIL PROTECTED]> wrote: > > -----BEGIN PGP SIGNED MESSAGE----- > Hash: SHA1 > > 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.
You can buy a triple wide crapload of a AML infrastructure for 1/10 of that fine.... Smells.... :)
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