The Economic Information Agency reported on the 9th that federal regulators in the United States announced on Thursday (8th) that American Express has been fined $350 million for failing to identify and report money laundering activities within its system. The Federal Reserve also stated that it will take anti-money laundering enforcement actions against the company.
The Office of the Comptroller of the Currency (OCC) said in a statement that compliance programs at the bank subsidiary of American Express had deficiencies, "resulting in systemic failures in the bank's monitoring and reporting processes for suspicious activities, leading to its failure to timely identify, evaluate, and adequately report approximately $13 billion in suspected trade-based money laundering activities that occurred over the past decade."
American Express stated that the penalty will not impact the company's previously issued full-year 2026 guidance, and the costs related to remediation are not expected to affect the 2027 guidance. (yc)
The Office of the Comptroller of the Currency (OCC) said in a statement that compliance programs at the bank subsidiary of American Express had deficiencies, "resulting in systemic failures in the bank's monitoring and reporting processes for suspicious activities, leading to its failure to timely identify, evaluate, and adequately report approximately $13 billion in suspected trade-based money laundering activities that occurred over the past decade."
American Express stated that the penalty will not impact the company's previously issued full-year 2026 guidance, and the costs related to remediation are not expected to affect the 2027 guidance. (yc)
