Federal Reserve Board announces 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 Federal Reserve announced an enforcement action addressing anti-money-laundering control failures at American Express.
TL;DR
- The Federal Reserve says its enforcement action addresses American Express’s failure to sufficiently detect and report certain suspicious activity related to money laundering.
- Investing.com separately reports a $350 million OCC fine tied to anti-money-laundering lapses.
- The agency action and reported fine are regulatory facts, not a signal about the company’s future performance.
The Federal Reserve notice provides the primary regulatory description; market coverage reports a related OCC penalty. [1] [2]
Why it matters
The action places compliance controls and regulatory enforcement in focus for a large financial-services company.
Editor's note
The Federal Reserve notice and Investing.com report name separate agencies; their actions are not conflated here.