Fed, OCC order Amex to overhaul AML controls, fine $350m

T1Covered by 1 source · first reported by American Banker (headlines) at 08 Oct, 22:21 UTC

The Office of the Comptroller of the Currency Thursday fined American Express National Bank $350 million after uncovering $13 billion in suspected illicit activity. The Federal Reserve ordered the company to improve its financial crime controls in a separate order.

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Sources

• T1Fed, OCC order Amex to overhaul AML controls, fine $350mAmerican Banker (headlines)08 Oct, 22:21