AmEx Admits to Providing Unauthorized Trips to Cuba
07/24/2013 - 09:19 ||
After neglecting to get the proper approval for more than 14,000 airplane tickets it dispensed for travel between Cuba and other foreign countries, American Express has reached a settlement with the U.S. Treasury Department.
According to Fox News Latino, the company’s American Express Travel Related Services, Inc. agreed to pay $5.2 million in order to settle any potential civil liability for its apparent federal violations. The settlement comes after the nation’s Treasury Department found that foreign branch offices and subsidiaries of American Express issued about 14,487 tickets for travel to and from Cuba. These tickets date all way back from Dec. 2005 to Nov. 2011.
According to FNL, these bookings were an apparent violation of the Cuban Assets Control Regulations, which were issued in 1963 and which prohibit financial transactions by banking institutions under U.S. jurisdiction in which Cuba or its citizens have an interest.
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