AMEX-related card company settles OFAC violations

OFAC has announced that BCC Corporate SA ("BCCC") has settled potential liability for apparent violations of the Cuban Assets Control Regulations. BCCC is a Belgium-based credit card issuer and corporate service company that issues various payment products, such as credit cards, to its European-based corporate customers. At the time of the apparent violations, BCCC was a wholly owned subsidiary of Alpha Card Group, which in turn was owned 50 percent by American Express Company (AMEX), a U.S. financial institution. AMEX has agreed to remit $204,277 to settle potential civil liability for 1,818 apparent violations of the Cuban Assets Control Regulations.