American Express faces Fed and OCC enforcement over AML program
The Fed issued an enforcement action against American Express over weaknesses in its enterprise-wide anti-money-laundering program. The OCC also issued an enforcement action against Amex’s National Bank and imposed a $350 million penalty, alleging systemic failures led to about $13 billion in suspected trade-based money laundering activity going unreported over a decade.
The Fed has taken enforcement action against American Express over weaknesses in the company’s enterprise-wide anti-money-laundering program. The OCC also brought an enforcement action against Amex’s national bank and imposed a $350 million penalty. The OCC said systemic failures resulted in about $13 billion in suspected trade-based money laundering activity going unreported over a decade. The bank was accused of inadequate risk monitoring, staffing, internal controls and employee training.