The Economic Times

American Express fined $350 million over anti-money laundering compliance failures

American Express received a fine of $350 million due to failures in their anti-money laundering compliance programs. The US Office of the Comptroller of the Currency and the Federal Reserve announced this enforcement action. The company reportedly failed to identify and report suspicious activities, amounting to roughly $13 billion over the past decade. Specifically, their customer due diligence practices and identification measures were deemed inadequate.