CatalystDerivatives

OCC hits American Express National Bank with a $350M civil penalty and cease-and-desist over BSA/AML breakdowns. The bank failed to sufficiently report roughly $13B of suspected trade-based money laun

OCC's $350 million penalty against American Express signals significant regulatory enforcement.

Context

The OCC issued a cease-and-desist order and a $350 million civil money penalty against American Express National Bank over deficiencies in its Bank Secrecy Act and anti-money laundering compliance program.

AXP

$317.66

+1.36%

What changed

OCC's $350 million penalty against American Express signals significant regulatory enforcement.

Why it matters

OCC's $350 million penalty against American Express signals significant regulatory enforcement. — impact context not separately stored; see What changed.

Sources

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