OCC and Fed Fine American Express $350 Million Over AML Deficiencies
American Express pays $350m penalty for money laundering failures.
In brief
American Express pays $350m penalty for money laundering failures. American Express faces $350 million fine from OCC and Fed for inadequate anti-money laundering compliance. Originally reported by Pymnts.
Regulators impose $350m penalty
OCC and Fed fined American Express $350 million for anti-money laundering deficiencies.
American Express responds
CEO Stephen J. Squeri states company is working with regulators to strengthen financial crime compliance.
Deficiencies identified
OCC found inadequate resources, poor risk assessment, and broken suspicious activity monitoring processes.
The key point
American Express faces $350 million fine from OCC and Fed for inadequate anti-money laundering compliance.
