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American Express fined $350 million for anti-money laundering failures
American Express National Bank has agreed to a $350 million consent order following findings by U.S. regulators regarding systemic failures in its anti-money laundering (AML) and Bank Secrecy Act (BSA) programs. The Office of the Comptroller of the Currency (OCC) reported that the bank failed to adequately monitor and report approximately $13 billion in suspected trade-based money laundering activity between June 2014 and May 2025.
Regulators identified critical deficiencies, including inadequate staffing, insufficient training, and weak internal controls. The OCC noted that the bank focused disproportionately on its deposit business while neglecting the higher risks associated with its dominant credit and charge card products. Some of the suspected transactions involved accounts linked to bank insiders.
In a concurrent enforcement action, the Federal Reserve barred American Express from retaining any individuals directly or indirectly involved in the misconduct or those formally disciplined for it. American Express stated that a portion of the penalty had been previously reserved and does not expect the costs to impact its full-year 2026 or 2027 financial guidance.
Entities
American Express · American Express National Bank · Federal Reserve · Federal Reserve Board · Office of the Comptroller of the Currency · United States
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 7 SOURCES] American Express National Bank agreed to a $350 million consent order for failing to maintain an effective Bank Secrecy Act and anti-money laundering program. bitnewsbot.com · www.europesays.com · boardingarea.com · travelupdate.com · www.ibtimes.co.uk · +2 more
- [● 5 SOURCES] The Federal Reserve issued a separate enforcement action barring the retention of individuals linked to the misconduct. bitnewsbot.com · boardingarea.com · travelupdate.com · www.ibtimes.co.uk · nemosnewsnetwork.com
- [● 3 SOURCES] Some of the suspected transactions involved accounts associated with bank insiders. bitnewsbot.com · www.europesays.com · www.ibtimes.co.uk
- [● 4 SOURCES] Regulators identified systemic weaknesses in monitoring systems, customer identification, and internal controls. www.europesays.com · boardingarea.com · www.ibtimes.co.uk · travelupdate.com
- [● 3 SOURCES] American Express stated that a portion of the penalty was already reserved and will not affect its full-year 2026 or 2027 financial guidance. bitnewsbot.com · www.europesays.com · www.ibtimes.co.uk
- [● 7 SOURCES] The OCC found that American Express National Bank processed approximately $13 billion in suspected trade-based money laundering between June 2014 and May 2025. bitnewsbot.com · www.europesays.com · boardingarea.com · travelupdate.com · www.ibtimes.co.uk · +2 more