American Express National Bank fined $350 million for insufficient anti-money laundering program
AXP•The Office of the Comptroller of the Currency ordered American Express National Bank to pay a $350 million civil penalty for deficiencies in its anti-money laundering program.
1. OCC penalty
The OCC found that American Express National Bank failed to establish and maintain a program required under the U.S. Bank Secrecy Act. The law requires banks to have protocols for flagging suspicious transactions to prevent illicit payments.
