OCC imposes $350 million fine on American Express National Bank for inadequate anti-money laundering controls
AXP American Express Co
$306.95 -0.93%
View chart & analysis → - 1The Office of the Comptroller of the Currency imposed a $350 million fine on American Express National Bank.
- 2American Express National Bank failed to identify, assess, and report $13 billion in suspicious trade-based money laundering activities over the past 10 years.
- 3American Express neither admitted nor denied the findings of the regulatory investigation.
So what's the key point?
American Express National Bank has been fined $350 million for failing to properly monitor money laundering. The bank is facing this large fine because it did not correctly report suspicious transactions.
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