According to reports, US federal regulators fined American Express $350 million for failing to identify and report money laundering activities in its systems. The Federal Reserve also announced enforcement measures against the New York-based company. The US Monetary Supervisory Service said in a statement that American Express banks have flaws in their compliance programs. “The bank's suspicious activity monitoring and reporting process has failed systematically, causing it to fail to promptly identify, assess, and fully report the estimated $13 billion suspected trade-based money laundering over the past decade.”

According to reports, US federal regulators fined American Express $350 million for failing to identify and report money laundering activities in its systems. The Federal Reserve also announced enforcement measures against the New York-based company. The US Monetary Supervisory Service said in a statement that American Express banks have flaws in their compliance programs. “The bank's suspicious activity monitoring and reporting process has failed systematically, causing it to fail to promptly identify, assess, and fully report the estimated $13 billion suspected trade-based money laundering over the past decade.”