American Express has agreed to pay a $350 million penalty after US banking regulators found that its compliance failures left approximately $13 billion in suspected money-laundering activity insufficiently identified, investigated, and reported over more than a decade.
The enforcement action announced on 8th October by the Office of the Comptroller of the Currency (OCC) targets American Express National Bank, while the Federal Reserve Board has separately ordered American Express Company and two related entities to address deficiencies in their anti-money-laundering controls.
