Mmastodon BusinessBanking first seen 20 h ago, last 1 h ago, peak #3
Fed and OCC fine American Express $350 million over AML failures
Original: Fed, OCC order Amex to overhaul AML controls, fine $350M The regulators separately ordered American Express to remediate
The Federal Reserve and the Office of the Comptroller of the Currency have ordered American Express to pay a $350 million fine and overhaul its anti-money-laundering and financial-crime controls. The regulators cited widespread deficiencies and have separately required the company to remediate the problems. The enforcement action adds Amex to the list of major banks facing penalties over compliance lapses, and industry observers are weighing the reputational and operational fallout.
Why now: US banking regulators just imposed a rare, large enforcement action on a flagship payments company, prompting debate about compliance standards across the industry.
American ExpressFederal ReserveOffice of the Comptroller of the Currency
Evidence
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