Fed, OCC order Amex to overhaul AML controls, fine $350M
· americanbanker.com
The Office of the Comptroller of the Currency Thursday fined American Express National Bank $350 million after uncovering $13 billion in suspected illicit activity. The Federal Reserve ordered the company to improve its financial crime controls in a separate order Thursday.
Key insight: The Federal Reserve and Office of the Comptroller of the Currency separately ordered American Express to remediate widespread anti-money-laundering...