American Express fined $350 million for anti-money laundering failures
AXP American Express Co
$308.10 +1.27%
View chart & analysis → - 1The Office of the Comptroller of the Currency (OCC) and the Federal Reserve (Fed) have issued enforcement actions against American Express and its subsidiaries due to failures in anti-money laundering programs.
- 2American Express National Bank received a cease and desist order and a $350 million civil penalty from the OCC.
- 3The OCC stated that $13 billion in suspicious money laundering activity occurred at Amex over the past 10 years.
So what's the key point?
American Express has been fined $350 million because it failed to properly operate its systems to prevent money laundering. The company also received an order from the government to stop certain activities.
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