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Federal Reserve takes enforcement action against American Express
The Fed said the action targets failures in detecting and reporting suspicious money laundering activity, and it cited deficiencies in American Express's enterprise-wide anti-money laundering program, especially at its subsidiary national bank.
The Federal Reserve Board announced an enforcement action against American Express Company, citing failures to sufficiently detect and report certain suspicious activity related to money laundering.
The Fed also identified significant deficiencies in how American Express's enterprise-wide anti-money laundering program was implemented, particularly at the firm's subsidiary national bank.
The Office of the Comptroller of the Currency, the primary regulator for the national bank, issued a separate enforcement action against the bank.
The Federal Reserve said its action is intended to help ensure American Express operates in compliance with U.S. laws and regulations.