American Express fined $350m for failings in AML measures

US regulators allege American Express failed to properly flag approximately $13bn in suspected money laundering proceeds, which were processed between 2014 and 2025 via commercial transactions US banking regulators have imposed a $350m fine on American Express after it emerged that its anti-money laundering (AML) controls had failed to detect approximately $13bn in suspected illegal activity that had passed through the card issuer over an 11-year period. The Office of the Comptroller of the Currency (OCC) has issued a cease-and-desist order and imposed a civil penalty on American Express National Bank due to shortcomings in its compliance programme relating to…