American Express Hit With $350 Million Penalty Over Money Laundering Compliance Failures

American Express National Bank faces a $350 million penalty after federal regulators identified anti-money laundering compliance failures involving approximately $13 billion in suspected activity over the past decade. sockagphoto/Shutterstock

American Express is facing a $350 million penalty after federal regulators identified serious deficiencies in the company’s anti-money laundering controls. The enforcement actions, announced October 8, 2026, involve failures to adequately identify, monitor, and report potentially suspicious financial activity. The Federal Reserve and the Office of the Comptroller of the Currency (OCC) issued separate actions targeting American Express Company and its national bank subsidiary. For consumers who use American Express credit cards, savings accounts, or other financial products, the news raises questions about what regulators uncovered and whether existing accounts will be affected.

Federal Regulators Identify Problems at American Express