American Express Fined $350 Million by U.S. Regulators for Anti-Money Laundering Program Failures

U.S. bank regulators, including the Office of the Comptroller of the Currency (OCC) and the Federal Reserve, have fined American Express $350 million. The enforcement action stems from the determination that the lender's anti-money laundering compliance programs were insufficient, potentially leading to the company missing approximately $13 billion in suspicious activity over the past decade. American Express has stated its commitment to addressing the concerns.