Federal Reserve Board announces enforcement action against American Express Company to address, among other things, the firm’s failure to sufficiently detect and report certain suspicious activity related to money laundering

The Federal Reserve Board issued an enforcement action against American Express Company for failing to adequately detect and report suspicious activity related to money laundering and for deficiencies in its anti-money laundering program. The Office of the Comptroller of the Currency also issued a separate enforcement action against the firm's national bank subsidiary.