The financial giant provided inaccurate tax advice to customers and potential customers on wire products primarily marketed at small and midsize businesses, misleading them about tax breaks that didn't exist.
Acting Attorney Judy Philips stated that financial institutions like American Express should not promote inaccurate tax avoidance schemes, emphasizing the need for accountability for such unacceptable conduct.
American Express expressed a commitment to addressing these issues by discontinuing the problematic products, cooperating with authorities, and implementing improvements to their compliance and training programs.
As part of the resolution, American Express agreed to pay a $77.7 million criminal fine and a total of roughly $230 million for related matters.
Collection
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