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American Express Fined $350 Million Over Anti-Money Laundering Controls
BayStreet ·
BayStreet reports: Credit card giant American Express (AXP) has been fined $350 million U.S. for having insufficient anti-money laundering controls in place. The U.S. Office of the Comptroller of the Currency (OCC) and ?Federal Reserve announced the fine, saying American Express failed to maintain a sufficient anti-money laundering program. The regulators determined that the company’s internal controls used to identify potential money laundering were insufficient and missed billions of…