Banks · Friday, October 9, 2026
Regulators order American Express to fix money-laundering controls; its bank pays $350 million
The File desk · Oct 9, 2026, 10:51 AM UTC
Status
Confirmed. The Office of the Comptroller of the Currency's news release 2026-87, and the Federal Reserve's enforcement announcement, both dated Oct. 8, 2026. This is not a criminal case. No one is charged.
- Confirmed
The Comptroller fined American Express National Bank $350 million and said the bank failed to report about $13 billion in suspected trade-based money laundering over a decade.
- Confirmed
The Federal Reserve ordered the parent company to fix its company-wide program. The Fed's announcement does not state a fine.
Two federal bank regulators said Thursday that American Express did not do enough to catch money laundering. The Office of the Comptroller of the Currency, which regulates national banks, fined the company's bank $350 million. It said the bank failed to spot and report, in time, about $13 billion in suspected trade-based money laundering over the past decade. The bank, it said, focused on the risks of its small deposit business and paid too little attention to its much bigger card business. The Federal Reserve separately ordered the parent company to fix its company-wide program.
The Comptroller's release, No. 2026-87, announces a Legal instrument A regulator's order telling a bank or a bank holding company to stop unsafe practices and fix them. The Federal Reserve's American Express order cites section 8(b). Both the Fed order and the Comptroller's order were issued with the company's consent.Cease-and-desist order (Federal Deposit Insurance Act § 8(b))
The Comptroller says the bank focused on the risks in its relatively narrow demand-deposit products and not enough on the risks in its more dominant credit and charge card products. It also cites too few qualified staff, gaps in internal controls, weak independent testing, and weak training. Comptroller Jonathan Gould said American Express failed to keep a program under the Legal instrument The main U.S. anti-money-laundering law for banks. It requires a compliance program that monitors transactions and reports suspicious activity so investigators can spot money laundering. The Comptroller of the Currency described it that way in the American Express case. This desk did not open the statute. Legal instrument The main U.S. anti-money-laundering law for banks. It requires a compliance program that monitors transactions and reports suspicious activity so investigators can spot money laundering. The Comptroller of the Currency described it that way in the American Express case. This desk did not open the statute.Bank Secrecy Act
Bank Secrecy Act
The Federal Reserve, at 4:30 p.m. Eastern, announced an enforcement action against American Express Company for failing to sufficiently detect and report certain suspicious activity related to money laundering. The order is a consent Legal instrument A regulator's order telling a bank or a bank holding company to stop unsafe practices and fix them. The Federal Reserve's American Express order cites section 8(b). Both the Fed order and the Comptroller's order were issued with the company's consent. Legal instrument A regulator's order telling a bank or a bank holding company to stop unsafe practices and fix them. The Federal Reserve's American Express order cites section 8(b). Both the Fed order and the Comptroller's order were issued with the company's consent. Legal instrument The main U.S. anti-money-laundering law for banks. It requires a compliance program that monitors transactions and reports suspicious activity so investigators can spot money laundering. The Comptroller of the Currency described it that way in the American Express case. This desk did not open the statute.Cease-and-desist order (Federal Deposit Insurance Act § 8(b))
Cease-and-desist order (Federal Deposit Insurance Act § 8(b))
Bank Secrecy Act
The Comptroller's release does not say whether the company admitted or denied the findings. This desk does not characterize that. No one is charged. This is not a criminal case.
What is still unknown or disputed
- The company's response. It was not fetched.
- The Comptroller's consent-order and penalty PDFs. They were not opened.
- Whether any customers or transactions are named.
Primary sources
Every claim in this story is drawn from the documents below. If a fetch failed, that is recorded on the card.
Source 1
OCC Assesses $350 Million Civil Money Penalty Against American Express
Office of the Comptroller of the Currency · October 8, 2026
The bank experienced systemic breakdowns in its suspicious activity monitoring and reporting processes, resulting in a failure to timely identify, evaluate, and sufficiently report approximately $13 billion of suspected trade-based money laundering activity that took place over the past decade.
https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-87.html
Source 2
Federal Reserve Board announces enforcement action against American Express Company
Federal Reserve · October 8, 2026
The Board also identified significant deficiencies in how American Express Company's enterprise-wide anti-money laundering program was implemented, in particular at the firm's subsidiary national bank.
https://www.federalreserve.gov/newsevents/pressreleases/enforcement20261008a.htm
Source 3
Order to Cease and Desist, American Express
Federal Reserve · October 8, 2026
has issued a consent
and civil money penalty against the Bank for failing to comply with the relevant BSA/AML Requirements.Legal instrument
Cease-and-desist order (Federal Deposit Insurance Act § 8(b))
A regulator's order telling a bank or a bank holding company to stop unsafe practices and fix them. The Federal Reserve's American Express order cites section 8(b). Both the Fed order and the Comptroller's order were issued with the company's consent.
https://www.federalreserve.gov/newsevents/pressreleases/files/enf20261008a1.pdf