FBI Reportedly Investigates American Express Foreign-Exchange Pricing

The Federal Bureau of Investigation has launched a probe into pricing practices within American Express Co.’s foreign-exchange unit, the Wall Street Journal reported citing people familiar with the matter.

The investigation is in its early stages and is focused on whether the foreign-exchange international payments department misrepresented pricing to clients in order to win their business, the report said.

The company said in July that it was commissioning a third-party review of its foreign-exchange business and that it would fix any problems uncovered. The FX International Payments unit accounts for less than half of one percentage point of overall revenue, the company said at the time.

Source: Markets Insider