# OCC fines American Express $350 million over AML controls

_Oct 9 13:00_

Tags: American Express, credit card, industry news

Type: Industry news

## Summary

The Office of the Comptroller of the Currency levied a $350 million fine on American Express for an anti-money laundering and Bank Secrecy Act program that did not match the risk of its business. Regulators said the bank missed significant suspicious activity and reported it late. It did not pass important information to law enforcement. The Federal Reserve Board issued a separate order over the same failures.

Chief executive Stephen Squeri said American Express has made progress but still has more work to do. The company had already set aside part of the amount and said the fine leaves full-year 2026 guidance unchanged.

Doctor of Credit expects more financial reviews and closer looks at manufactured spending on American Express cards. The blog notes the company already knew a penalty was coming, so extra checks may already be in place. Cardholders who manufacture spend or put heavy volume on American Express cards may see more account reviews. There is nothing to register or book, but watch for tighter American Express financial reviews if you manufacture spend.

## Key facts

- **Numbers**:
  - $350 million: OCC civil penalty
- **Links**:
  - Announcement: [OCC news release on the civil penalty](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-87.html)
  - Announcement: [Federal Reserve cease-and-desist press release](https://www.federalreserve.gov/newsevents/pressreleases/enforcement20261008a.htm)
  - Announcement: [American Express statement on the consent orders](https://www.americanexpress.com/en-us/newsroom/articles/company-statements/statement-regarding-the-frb-and-occ-s-consent-orders.html)
- **Takeaway**: There is nothing to register or book; watch for tighter American Express financial reviews if you manufacture spend.

## Sources cited

- [Doctor of Credit](https://doctorofcredit.com/american-express-fined-350-million-for-anti-money-laundering-bank-secrecy-act-deficiencies) — American Express Fined $350 Million For Anti-Money Laundering & Bank Secrecy Act Deficiencies

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