American Express Co. has been hit with a $350 million fine for failing to properly monitor and report money laundering activities within its systems. This penalty, imposed by federal regulators, is one of the largest levied during President Donald Trump’s second term. The US Office of the Comptroller of the Currency cited the bank for deficiencies in its compliance programs, according to a statement released on the Bloomberg Terminal on October 8, 2026.
The Federal Reserve also announced a separate enforcement action against the New York-based company, specifically targeting its anti-money laundering program at the firm’s national bank subsidiary. The enforcement actions underscore the regulatory scrutiny facing financial institutions regarding their ability to detect and prevent illicit financial activities.
This fine highlights the ongoing challenges faced by financial companies in maintaining robust compliance systems. The significant penalty serves as a stark reminder of the consequences for failing to adhere to regulatory standards aimed at combating money laundering.