AMEX DINGED BY FED, OCC OVER ANTI-MONEY LAUNDERING FAILURES

Summary from the TLDR Fintech newsletter

American Express National Bank was ordered to pay a $350 million penalty after the OCC found major deficiencies in its anti-money laundering program, including weak risk assessments and systemic failures in suspicious activity monitoring that regulators said involved roughly $13 billion of suspected money laundering activity over 10 years. The Federal Reserve separately issued a cease-and-desist order covering broader enterprise-wide AML issues, while Amex said the penalty will not affect its 2026 or 2027 guidance.