OCC Imposes $350 Million Penalty on American Express National Bank

The Office of the Comptroller of the Currency issued a cease‑and‑desist order and a $350 million civil money penalty against American Express National Bank for deficiencies in its Bank Secrecy Act and anti‑money laundering compliance program, citing inadequate resources, weak controls, and failure to report $13 billion of suspected money‑laundering activity.

Why it matters. The penalty and regulatory order affect American Express National Bank’s operations and compliance practices, and signal increased regulatory scrutiny of large banks’ AML programs.