American Express ordered to pay a $350M penalty over "critical deficiencies" in its AML controls — the OCC says it failed to flag roughly $13B in suspected activity over more than a decade, some tied

What happened: American Express was ordered to pay a $350 million civil penalty over anti-money laundering control failures. The OCC issued the penalty and a cease-and-desist order against American Express National Bank, while the Fed issued a concurrent action against the parent company. Key numbers: $350 million penalty; about $13 billion in suspected activity missed over Why it matters: Regulators cited critical deficiencies and systemic breakdowns in monitoring and reporting suspicious activity. CEO Stephen Squeri said the company will address the concerns and that more work remains.

American Express was ordered to pay a $350 million civil penalty over anti-money laundering control failures. The OCC issued the penalty and a cease-and-desist order against American Express National Bank, while the Fed issued a concurrent action against the parent company.

Regulators cited critical deficiencies and systemic breakdowns in monitoring and reporting suspicious activity. CEO Stephen Squeri said the company will address the concerns and that more work remains.