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Unformatted text preview: s for travel to and from the island between December 2005 and November 2011.¶ Those bookings were an apparent violation of the Cuban AssetsControl Regulations. The rules issued in 1963 prohibit financial transactions by banking institutions under U.S. jurisdiction in which Cuba or its citizens have an interest. “We voluntarily selfdisclosed these bookings to OFAC (Office of Foreign Assets Control), and ¶
put in place robust controls to ensure it would not recur,” American Express spokeswoman Diana Postemsky said in a written statement.¶ American Express can provide travel service arrangements for authorized trips to the island, but the bookings in question were never approved by the federal government.¶ It’s not the first time American Express has come under federal scrutiny for its handling of Cubarelated travel. The company was investigated in 1995 and 1996 for similar violations committed by a subsidiary that had recently been acquired, according to the Treasury Department.¶ Federal officials said American Express showed “reckless...
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This note was uploaded on 10/27/2013 for the course DEBATE 101 taught by Professor None during the Summer '12 term at University of California, Berkeley.
- Summer '12