Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
On July 24, 2023, the Office of the Comptroller of the Currency (OCC) issued a $15 million civil money penalty against American Express National Bank located in Sandy, Utah, for violating regulatory requirements pertaining to small business customers. According to the OCC, between 2015 to 2017, in an effort to retain small business customers, the bank failed to:
These practices violated CIP requirements, as well as posed a risk to safety and soundness.
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