The Federal Reserve Board announced an enforcement action against American Express Company (NYSE: AXP) related to the firm's failure to sufficiently detect and report suspicious activity connected to money laundering.

The Fed also identified significant deficiencies in how American Express implemented its enterprise-wide anti-money laundering (AML) program, particularly at the firm's subsidiary national bank.

The Office of the Comptroller of the Currency, the primary federal regulator of the firm's national bank, issued a separate enforcement action against the bank.