Amex Fined $350 Million for Anti-Money Laundering Lapses
MT newswire2026/10/08 23:0107:01 PM EDT, 10/08/2026 (MT Newswires) -- American Express Company (AXP) was fined $350 million by US regulators for deficiencies in its anti-money laundering programs, on Thursday. The Office of the Comptroller of the Currency issued a cease-and-desist order over deficiencies in its anti-money laundering compliance program. The OCC said the bank failed to identify and timely report about $13 billion in suspected trade-based money laundering activity over the past decade, citing weaknesses in risk assessments, internal controls, staffing and employee training. The penalty will be directed to the US Treasury. The action follows a concurrent cease-and-desist order against American Express and American Express Travel Related Services from the Federal Reserve. American Express did not immediately respond to MT Newswires' request for comment.
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