Payments Daily · Friday, October 9, 2026Daily
PAY.NEWS
Federal Reserve takes enforcement action against American Express over anti-money laundering deficiencies
The Federal Reserve determined that American Express failed to adequately identify and report certain money laundering-related suspicious activity, and pointed out that its enterprise-wide anti-money laundering program had significant deficiencies. In Europe, ESMA requires crypto platforms to stop non-compliant stablecoin-related services within three months, and the digital euro pilot has begun.
Payments & Infrastructure
European Central BankFirst partyPiero Cipollone: Digital euro could launch in 2029, pilot has begun
ECB Executive Board member Piero Cipollone said that the digital euro will coexist with cash and could launch in 2029; the pilot project began in the summer, with the first round of testing starting next year. The ECB has selected 36 participants from nearly 60 applications. The digital euro will also support offline payments without a network connection and could potentially halve the cost for small merchants to accept digital payments.
Regulation & Compliance
CoinDeskESMA requires EU crypto platforms to stop non-compliant stablecoin-related services within three months
The European Securities and Markets Authority (ESMA) issued guidance requiring authorized EU crypto platforms to stop providing services that enable customers to purchase, trade, or increase their holdings of stablecoins that do not comply with MiCA requirements.
Federal Reserve takes enforcement action against American Express, citing inadequate identification and reporting of money laundering-related suspicious activity
The Federal Reserve took enforcement action against American Express, stating that it failed to adequately identify and report certain money laundering-related suspicious activity. The Federal Reserve also determined that there were significant deficiencies in the implementation of its enterprise-wide AML program, particularly with respect to its national bank subsidiary; the OCC has taken separate enforcement action against that bank.