OCC and Fed Fine American Express $350 Million Over AML Deficiencies
What's happening
The OCC and the Federal Reserve have issued a combined $350 million civil money penalty against American Express National Bank for "significant deficiencies" in its anti-money laundering (AML) and Bank Secrecy Act (BSA) processes. Regulators specifically flagged failures in how American Express implemented its enterprise-wide AML program, with problems identified in the bank subsidiary. Amex CEO Stephen J. Squeri responded saying the company takes financial-crime responsibility seriously and is committed to addressing the regulators' concerns.
Why it's trending
Regulators escalated enforcement after finding implementation gaps in Amex's enterprise AML program at its national bank subsidiary.
SignalNewly emerging, confirmed across 1 independent source type.
Story volume
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Pay attention: a $350M fine shows regulators are done letting big brands skate by on paper AML programs, Amex's scale didn't save it from enforcement.
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Original sources4
- Amex hit with $350m penalty for AML deficiencies
The Office of the Comptroller of the Currency (OCC), the main banking regulator in the US, has issued a $350m civil money penalty against American Express National Bank for deficiencies in its anti-money laundering (AML) and bank secrecy act (BSA) processes.
FinextraOct 9 - OCC and Fed Fine American Express $350 Million Over AML Deficiencies
American Express takes its responsibility to fight financial crime seriously and is committed to addressing concerns outlined by banking regulators, Chairman and CEO Stephen J. Squeri said in a statement released Thursday (Oct. 8). Squeri issued the statement on the same day the Office of the Comptroller of the Currency (OCC) and the Federal Reserve […] The post OCC and Fed Fine American Exp
PYMNTSOct 9 - Amex dinged by Fed, OCC
American Express must pay a $350 million penalty after regulators cited “significant deficiencies” in its anti-money laundering program.
Payments DiveOct 9 - Amex dinged by Fed, OCC; must pay $350M for AML failures
Regulators identified “significant deficiencies” in how the American Express’s enterprise-wide, anti-money laundering program was implemented, in particular at the firm's subsidiary national bank.
Banking DiveOct 8
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