Since there is no publicly-available information about what is obviously an ongoing investigation, we shall quote directly from the 10-Q (Quarterly Report), filed for the period ending 31 March, 2007, by American Express Company:

• The regulatory authorities are exercising heightened scrutiny of the anti-money laundering program[me]s of financial institutions and have taken action against financial institutions for deficiencies in such program[me]s. In early 2004, American Express Bank International ("AEBI"), a subsidiary of AEBL* headquartered in Miami, received subpoenas from the Department of Justice ("DOJ") relating to certain customer accounts and anti-money laundering ("AML") compliance program[me]s.  In September 2006, the DOJ informed AEBI of concerns relating to AML compliance program[me]s that could lead to action.
  

• AEBI has been cooperating with the DOJ. During the first quarter of 2007, the Company** established a reserve in the amount of $60 million for regulatory and legal matters at AEBI.

American Express Bank International paid a fine of $7m back in 1994 for AML deficiencies; do bank management think that that US regulators and law enforcement will make an example out of the bank, due to its previous history? We cannot say, but since this is believed to be a Black Market Peso Exchange case, we will be monitoring it.
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*   AEBL - American Express Bank Ltd., is American Express' international banking subsidiary. It is a Connecticut limited liability company.
** The Company - American Express Company, a New York corporation.