Federal Reserve announces enforcement action against American Express
The US regulator says American Express fell short in detecting and reporting certain suspicious activity linked to money laundering.
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The Federal Reserve Board announced the action on 8 October, saying it had identified significant deficiencies in how American Express Company implemented its group-wide anti-money-laundering programme, particularly at its national-bank subsidiary. [1]
The Board said the action also addressed the company’s failure to sufficiently detect and report certain suspicious activity related to money laundering. It did not specify the activity or the period in which the shortcomings occurred. [1]
According to the Fed, the Office of the Comptroller of the Currency, the bank’s primary federal regulator, has issued a separate enforcement action against the subsidiary. The Fed’s announcement did not detail the requirements or any penalties under either action. [1]
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