US federal regulators fined American Express $350 million for failing to identify and report money laundering activities in its systems. The US Monetary Supervisory Service said in a statement on Thursday that American Express banks have flaws in their compliance programs. The Federal Reserve also announced enforcement action against the New York-based company. “The bank's suspicious activity monitoring and reporting process has failed systematically, causing it to fail to promptly identify, evaluate and fully report the estimated $13 billion suspected trade-based money laundering activity over the past decade,” the OCC said in a statement. American Express said in regulatory documents that this fine will not affect the 2026 full-year guidelines previously issued by the company, and the relevant order did not set an asset limit for the company. According to the company, the costs associated with the rectification are not expected to affect the 2027 guidelines.

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