06:50 AM EDT, 07/19/2024 (MT Newswires) -- American Express' ( AXP ) local unit was fined 8 million Australian dollars ($5.4 million) for breaching design and distribution rules for two of its co-branded credit cards, the Australian Securities & Investments Commission said Friday.

The country's Federal Court found that AmEx Australia did not properly determine the target market when it distributed two credit cards primarily to customers of luxury brand David Jones between late May and early July 2022, ASIC said.

AmEx Australia "ought to have known high canceled application rates reasonably suggested that the target market determinations for the cards were no longer appropriate," the regulator said.

AmEx did not immediately respond to MT Newswires' request for comment.

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