US regulators have fined American Express $350 million after finding its anti-money-laundering programmes failed to keep pace with its business. The Office of the Comptroller of the Currency and the Federal Reserve announced the enforcement action on October 8. Regulators said the lender missed about $13 billion in suspicious activity between June 2014 and May 2025, largely tied to its credit and charge card business.

The OCC cited inadequate resources, inexperienced staff, weak training and systemic internal control gaps. American Express focused too heavily on its smaller deposit products while overlooking risks in cards, regulators said. The company did not admit or deny the findings. CEO Stephen Squeri said the bank was fully committed to fixing the concerns.

The orders impose no asset cap. American Express said it had already set aside money for the penalty and that it would not change its 2026 guidance. The OCC also issued a cease-and-desist order requiring the bank to halt non-compliant practices, while the Federal Reserve issued a concurrent order.

Amex must submit a written plan on its planned changes within 90 days. The stock dipped nearly 2% in after-hours trading on the news.