Federal Reserve Board takes enforcement action against American Express
The Board cited insufficient detection and reporting of certain suspicious activity linked to money laundering; the Office of the Comptroller of the Currency acted separately against the firm's national bank.
AI illustrationThe Federal Reserve Board has taken enforcement action against American Express, citing the firm's insufficient detection and reporting of certain suspicious activity linked to money laundering. Announcing the step on Thursday, the Board said its action addresses that problem, among other things.
The Board said it had also found significant deficiencies in the way American Express Company put its anti-money laundering program, which spans the whole enterprise, into practice. This was the case in particular at the firm's national bank subsidiary.
While the Board's action is directed at American Express Company, the bank is the subject of a separate enforcement action, which has been issued by the Office of the Comptroller of the Currency. The Board identified that office as the bank's primary federal regulator.
According to the Board, its action will help make sure that American Express Company follows all U.S. laws and regulations.