American Express has been fined $350 million by the Office of the Comptroller of the Currency for critical deficiencies in its anti-money laundering compliance programme. The regulator found systemic failures that led the bank to miss approximately $13 billion in suspected money laundering activity between 2014 and 2025, including trade-based schemes involving accounts linked to bank insiders. The OCC cited insufficient staff expertise, training gaps, internal control weaknesses, and inadequate independent testing as key shortcomings.
American Express National Bank failed to timely identify and report suspicious activity, resulting in a pattern of non-compliance with Suspicious Activity Report requirements under the Bank Secrecy Act. The Federal Reserve Board also issued a cease-and-desist order against American Express and its travel-related services subsidiary. The company neither admitted nor denied the findings but stated it takes financial crime responsibilities seriously and is committed to addressing regulator concerns.
Shares fell nearly 2% in after-hours trading, though the company said the penalty would not impact its 2026 financial outlook. The OCC required Express to appoint a compliance oversight committee within 15 days and submit a detailed remediation plan within 90 days, including an independent review of historic transactions.
Source: Financial Times Companies · Summarized by HeadlinesBriefing