The Federal Reserve Board on Thursday announced an enforcement action against American Express Company to address, among other things, the firm's failure to sufficiently detect and report certain suspicious activity related to money laundering.
The Board identified significant deficiencies in how American Express Company's enterprise-wide anti-money laundering program was implemented, particularly at the firm's subsidiary national bank.
The Office of the Comptroller of the Currency, the primary federal regulator of the firm's national bank, has issued a separate enforcement action against the bank.
