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Regulators fined American Express (AXP) with a $350 million penalty Thursday over widespread failures in its anti-money laundering controls that left approximately $13 billion in suspected money laundering activity inadequately monitored and reported over nearly 11 years.
American Express National Bank faces a $350 million OCC fine over anti-money laundering failures involving $13B in suspicious transactions.
American Express just agreed to a nine-figure penalty over a decade-long compliance failure, but the market's muted reaction tells a more complicated story about what the settlement actually costs the company and its shareholders.