American Express announced on February 7, 2025, that it closed 30 accounts potentially linked to Iran's government. The company stated that these accounts were used solely for personal expenses.
American Express voluntarily reported this activity to the U.S. Treasury Department's Office of Foreign Assets Control (OFAC). This action highlights the company's adherence to international sanctions and its proactive approach to regulatory compliance.
The closure of these accounts demonstrates American Express's commitment to managing its risk exposure and ensuring its operations align with global financial regulations. This measure helps to safeguard the company's reputation and prevent involvement in illicit financial activities.
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