Federal Reserve and OCC Pursue American Express Over Anti-Money-Laundering Deficiencies
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AI-assisted source synthesis · not an independent investigation.
On October 9, 2026, the Federal Reserve took enforcement action against American Express and related entities, finding that they had failed to adequately identify and report certain suspicious activities related to money laundering and that the implementation of the enterprise-wide anti-money-laundering program had significant deficiencies, particularly involving its national bank. The Federal Reserve stated that the OCC had taken separate action against the bank. Reports that day indicated that the OCC had issued a cease-and-desist order to American Express National Bank and imposed a $350 million civil money penalty. Subsequent reports pointed out that the bank also had insufficient compliance resources, risk assessments that were not linked to business activities, and systemic deficiencies in its suspicious-activity monitoring and reporting processes. On October 12, Payments Cards & Mobile again reported that American Express National Bank had been fined $350 million and issued a cease-and-desist order, while the Federal Reserve had taken enforcement action against American Express and related entities due to enterprise-level compliance deficiencies.
AI-written from reports · updated 8 days ago
Developments
- Oct 9 09:01 · 2 reportsAmerican Express fined $350 million for AML lapsesPayments Dive：OCC and Federal Reserve Take Enforcement Actions Against American Express Over AML Deficiencies
- Oct 9 04:30 · 3 reportsFederal Reserve Takes Enforcement Action Against American ExpressUS Federal Reserve：Federal Reserve takes enforcement action against American Express, citing inadequate identification and reporting of money laundering-related suspicious activity
Timeline
Follow the reporting to see the different sides of the story.
- Payments Cards & MobileSelectedAmerican Express National Bank fined $350m for AML deficiencies
American Express National Bank was fined $350m by the OCC and issued a cease-and-desist order; the Federal Reserve also took enforcement action against American Express and related entities over enterprise-wide compliance deficiencies.
- PYMNTSSelectedOCC and Federal Reserve Fine American Express $350 million for AML Deficiencies
OCC and Federal Reserve took enforcement actions against American Express and its related entities. OCC also imposed a $350 million civil money penalty and issued a cease-and-desist order against American Express National Bank for failing to establish and maintain an adequate BSA/AML compliance program. The regulators identified issues including insufficient compliance resources, risk assessments that did not incorporate business activities, and systemic deficiencies in suspicious activity monitoring and reporting processes.
- Payments DiveSelectedOCC and Federal Reserve Take Enforcement Actions Against American Express Over AML Deficiencies
OCC and Federal Reserve simultaneously took enforcement actions over deficiencies in the AML programs of American Express and its subsidiaries. American Express National Bank was assessed a $350 million civil money penalty and received a cease-and-desist order.
- Banking DiveAmerican Express faces enforcement action and a $350 million fine from Fed and OCC over anti-money laundering lapses
Fed and OCC simultaneously took enforcement actions against American Express and its subsidiaries. OCC issued a cease-and-desist order to American Express National Bank and imposed a $350 million civil money penalty.
- US Federal ReserveSelectedFederal Reserve takes enforcement action against American Express, citing inadequate identification and reporting of money laundering-related suspicious activity
Federal Reserve took enforcement action against American Express, stating that it failed to adequately identify and report certain suspicious activities related to money laundering. Federal Reserve also found significant deficiencies in the implementation of its enterprise-wide AML program, particularly involving its national bank; OCC has taken separate enforcement action against the bank.
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