OCC imposes $350 million AML penalty on American Express National Bank

The US Office of the Comptroller of the Currency imposed a $350 million civil money penalty on American Express National Bank on 8 October, citing deficiencies in its anti-money laundering controls. The regulator identified gaps in staffing, customer checks, training and suspicious-activity reporting. [1]

CompletedThe LedgersSource date · 8 October 2026

Conceptual illustration of anonymous credit cards, financial ledgers and a magnifying glass — AI-generated editorial illustration; not documentary evidence. — The Ledgers

The record

Its consent order describes approximately $13 billion in suspected trade-based laundering activity processed between June 2014 and May 2025. That figure combines suspicious card charges and related repayments; it should not be treated as a separate, unduplicated total of criminal proceeds. [2]

The bank neither admitted nor denied the findings. CEO Stephen Squeri said American Express would continue addressing the concerns and improving compliance, Reuters reported. [2][3]

Based on reporting from: OCC release — 8 October 2026; OCC consent order — AA-ENF-2026-46; Reuters / StreetInsider — 8 October 2026.

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9 October 2026First published
Report published

Editorial note

The $350 million figure is a civil money penalty. The approximately $13 billion described in the order is a different transaction measure, including card charges and repayments. The bank neither admitted nor denied the findings.

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