Stephen Squeri

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Fed and OCC order Amex to overhaul AML controls

Overseeing compliance remediation per the consent orders

American Express National Bank agreed to pay a $350 million fine and overhaul its anti-money-laundering program after regulators found it processed roughly $13 billion in suspected trade-based money laundering from June 2014 to May 2025. The Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against the bank, while the Federal Reserve ordered parent companies American Express Co. and American Express Travel Related Services to fix financial-crimes risk management company-wide.

Updated Oct 25

Notable Quotes

Over the last few years, we have engaged closely with regulators as we have strengthened our controls and with law enforcement to provide information. We have made and continue to make substantial investments in our people, technology, training, governance, and oversight to fortify how we identify, assess, and respond to evolving financial crimes risk across our business and the industry.

from Fed and OCC order Amex to overhaul AML controls · Updated Oct 25