🇺🇸 BREAKING: OCC fines American Express $350 MILLION over systemic anti-money laundering failures. The regulator says Amex failed to properly detect and report approximately $13 BILLION in suspected trade-based money laundering over the past decade. The OCC cited weak internal controls, inadequate staffing, flawed risk assessments and failures in suspicious-activity monitoring. The Federal Reserve also announced a separate enforcement action against American Express and two related entities.