The Federal Reserve Board has announced an enforcement action against American Express Company. The action addresses the firm's failure to sufficiently detect and report certain suspicious activity related to money laundering.
The Board identified significant deficiencies in how the company's enterprise-wide anti-money laundering program was implemented. Specifically, the deficiencies were noted at the firm's subsidiary national bank.
Separately, the Office of the Comptroller of the Currency, which serves as the primary federal regulator for the firm's national bank, has issued its own enforcement action against the bank.
The Federal Reserve stated that its action is intended to ensure the firm operates in compliance with all applicable U.S. laws and regulations.
