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The OCC issued a cease-and-desist order and a $350 million civil penalty against American Express National Bank over deficiencies in its Bank Secrecy Act and anti-money-laundering program. The Federal Reserve separately issued an enforcement action naming American Express Company and American Express Travel Related Services Company. AmEx says it has been working with regulators to strengthen controls, but the orders leave further compliance work ahead.
The Office of the Comptroller of the Currency (OCC) has ordered American Express National Bank to stop and address deficiencies in its compliance program and imposed a $350 million civil money penalty, while the Federal Reserve issued a separate enforcement action against American Express Company and a subsidiary. The actions concern weaknesses in detecting and reporting suspicious activity tied to money laundering, according to the regulators.
The OCC said its review found that American Express National Bank failed to establish and maintain an adequate program under the Bank Secrecy Act (BSA) and anti-money-laundering (AML) rules. Its findings included insufficient resources, a risk assessment that was not adequately tailored to the bank’s business activities, and systemic breakdowns in suspicious activity monitoring and reporting, the agency said in a Thursday release.
The OCC issued a cease-and-desist order alongside the $350 million penalty. The supplied announcement does not detail the order’s individual requirements, any deadlines for completing remediation, or whether the bank has admitted or disputed the findings.
The Federal Reserve said its separate enforcement action addresses the company’s failure to sufficiently detect and report suspicious activity related to money laundering, as well as deficiencies in implementing its enterprise-wide AML program. The Fed’s cease-and-desist order names American Express Company and American Express Travel Related Services Company. The reported materials do not specify a separate Fed monetary penalty.
Regulators Target Bank and Parent Controls
The actions reach beyond a single bank-level program. The OCC’s penalty applies to American Express National Bank, while the Fed’s order covers the parent company and its travel-related services subsidiary. Together, the actions put both the bank’s compliance systems and the implementation of controls across the wider company under regulatory scrutiny.
Anti-money-laundering programs are meant to help financial institutions identify and report transactions that may involve illicit activity. The OCC’s stated concerns about staffing and risk assessment, alongside the agencies’ findings about monitoring and reporting, point to weaknesses in the systems regulators rely on to flag suspicious activity. The agencies’ statements do not identify particular customers, transactions, or criminal cases associated with the findings.
The $350 million penalty is a direct financial consequence for the bank, but the orders also require attention to compliance improvements. The materials provided do not state how much AmEx has spent on remediation or whether regulators consider its existing work sufficient. The company’s progress will matter to customers and investors because the actions concern the firm’s ability to meet regulatory obligations, not a change to card benefits or consumer account terms announced in the report.
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Two Agencies, Separate Orders
The enforcement actions were issued on October 8, 2026, according to the report, and address related but distinct parts of American Express’s compliance structure. The OCC regulates national banks and directed its order and penalty at American Express National Bank. The Federal Reserve’s action names American Express Company and American Express Travel Related Services Company.
American Express said the regulators’ reviews had been disclosed previously. Chairman and CEO Stephen J. Squeri said the company had spent the past several years working with regulators to strengthen controls and with law enforcement to provide information about transactions in which individuals misused its products. His statement acknowledges progress while also saying additional work remains.
The source material describes the regulatory findings and the company’s response but does not provide the start date or full history of the investigations, nor the complete text of either order. The available account therefore establishes the enforcement actions and broad categories of concern, but not every factual detail underlying the agencies’ conclusions.
“While we have made meaningful progress, we know there is more work to do.”
— Stephen J. Squeri, American Express chairman and CEO, in a company statement
Order Terms and Remediation Remain Open
The supplied report does not include the full text of the OCC or Federal Reserve orders. Specific corrective measures, compliance milestones, reporting requirements, and deadlines are not described, so the scope and timetable for remediation cannot be established from the available information.
It is also unclear whether the Federal Reserve imposed any financial penalty separate from the OCC’s $350 million assessment; the report identifies a Fed enforcement action but does not cite a Fed fine. The agencies’ account does not name specific transactions or quantify any potential harm, and AmEx’s statement does not address the individual findings in detail or say whether the company accepts them.
The company says it has been working with regulators and law enforcement over the past several years. How regulators assess that work, what further changes they require, and when the orders may be satisfied remain unclear.
AmEx Faces Continued Compliance Review
American Express said it will continue cooperating with regulators and law enforcement and building its financial-crimes compliance program. The OCC and Federal Reserve orders place the company’s remediation and compliance efforts under regulatory oversight, although the source material does not provide specific dates for progress reviews or completion.
The next concrete details are likely to come from the full orders, subsequent company disclosures, or statements from the agencies describing required steps and progress. Until those are available, the confirmed record is limited to the OCC penalty and order, the Fed’s separate action, the regulators’ broad findings, and AmEx’s statement that more work remains.
Key Questions
How much was American Express fined?
The OCC imposed a $350 million civil money penalty on American Express National Bank. The source report does not identify a separate monetary penalty from the Federal Reserve.
What did regulators say was deficient?
The OCC cited insufficient program resources, a risk assessment not adequately tailored to the bank’s business activities, and systemic weaknesses in monitoring and reporting suspicious activity. The Fed cited insufficient detection and reporting and deficiencies in implementing the company-wide AML program.
Which American Express entities are named?
The OCC’s order and penalty apply to American Express National Bank. The Federal Reserve’s cease-and-desist order names American Express Company and American Express Travel Related Services Company.
What has American Express said in response?
CEO Stephen J. Squeri said the company takes its responsibility to fight financial crime seriously and has been working with regulators to strengthen controls. He also said the company has made progress but has more work to do.
What happens next?
AmEx says it will continue working with regulators and law enforcement and developing its financial-crimes compliance program. The report does not give remediation deadlines or the full terms of the orders, so the next milestones are not yet clear.
Source: rss
