American Express slapped with record fine for 11-year blind eye to $13B in “suspicious” trade

American Express slapped with record fine for 11-year blind eye to $13B in “suspicious” trade

American Express fined $350 million by federal regulators for anti-money laundering failures.
Company missed approximately $13 billion in suspicious transactions over 11 years.
Office of the Comptroller of the Currency and Federal Reserve issued concurrent enforcement actions.
American Express neither admitted nor denied the findings in consent orders.
Bank must overhaul compliance programs and hire independent reviewer within 90 days.

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