Federal Reserve Orders American Express to Fix Money-Laundering Controls; OCC Fines Bank $350 Million
The Federal Reserve Board announced on October 8 an enforcement action against American Express Company to address, among other things, the firm's failure to sufficiently detect and report certain suspicious activity related to money laundering.
The Board said it identified significant deficiencies in how the company's enterprise-wide anti-money laundering program was implemented, in particular at its subsidiary, American Express National Bank of Sandy, Utah. The Board's consent cease-and-desist order (Docket No. 26-052-B-HC) covers American Express Company and American Express Travel Related Services Company, the firm's two bank holding companies, and requires compliance reforms. In a parallel action, the Office of the Comptroller of the Currency — the bank's primary federal regulator — issued its own cease-and-desist order against the bank together with a $350 million civil money penalty.
The Board said its action will help ensure that the firm operates in compliance with all U.S. laws and regulations.
Published by GSM · USA (original Chinese edition)
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