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Story summary
- U.S. regulators fined American Express $350 million and ordered an anti-money-laundering program overhaul.
- The Federal Reserve and OCC issued cease-and-desist orders requiring remediation.
- Regulators said American Express processed about $13 billion in suspected trade-based money laundering from June 2014 to May 2025.
- Agencies found weaknesses in transaction monitoring, fraud referrals, third-party risk assessment and SAR filing.
- American Express must form a board-level compliance committee and submit a remediation plan with an independent SAR look-back.