The Office of the Comptroller of the Currency (OCC) and the U.S. Federal Reserve Board (FRB) each took enforcement action against American Express for deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program.
On Oct. 8, the OCC assessed a cease-and-desist order and a $350 million civil monetary penalty against American Express National Bank, Sandy, Utah, for deficiencies in the bank’s BSA/AML compliance program. According to the OCC, the bank failed to establish and maintain a BSA/AML compliance program “reasonably designed to assure and monitor compliance with the BSA and its implementing regulations.”
