THE FED HAS ISSUED A MONEY-LAUNDERING ENFORCEMENT ACTION AGAINST AMERICAN EXPRESS, WHILE THE OCC HAS ASSESSED A $350 MLN CIVIL PENALTY AGAINST ITS BANK, SAYING AMERICAN EXPRESS NATIONAL BANK FAILED TO MAINTAIN A BANK SECRECY ACT AND ANTI-MONEY-LAUNDERING COMPLIANCE PROGRAMME.

THE OCC SAYS THE BANK MISSED ABOUT $13 BLN IN SUSPICIOUS ACTIVITY AND HAS ISSUED A CEASE-AND-DESIST ORDER
(@FirstSquaw)