Amex gets a $350 million fine over $13 billion in suspected laundering. Here's what it means for your card

American Express just took a $350 million hit from US bank regulators. On October 8, the Office of the Comptroller of the Currency (OCC) fined Amex's US bank over gaps in its anti-money laundering controls. The Federal Reserve issued its own order the same day.

If you carry a Platinum card, the obvious question is whether any of this touches your lounge access or your fees. Here is what the regulators found, what Amex said, and what it does and doesn't mean for cardholders.

What the OCC found

The fine was against American Express National Bank, Amex's US bank, based in Sandy, Utah. The OCC paired it with a cease-and-desist order, which is a formal order to fix problems. The penalty goes to the US Treasury.

In its release, the OCC said the bank's program to catch money laundering was not built for how Amex actually does business. It said the bank focused on risks in its fairly small deposit accounts. It put too little focus on its much larger card business.

The OCC also listed:

• Too few staff with the right skills
• Gaps in internal controls
• Weak independent testing and weak training
• Breakdowns in how the bank spotted and reported suspicious activity

The biggest number is in the penalty order. From about June 2014 to about May 2025, the OCC says the bank processed about $13 billion in suspected trade-based money laundering. That is a scheme that moves dirty money by disguising it as payments for goods. The order says this included suspicious card charges and the payments made on them. In some cases it ran through accounts tied to bank insiders. The OCC says the bank did report some of this activity over the years, but it could not find and report the full scope in time.

"American Express failed to maintain a BSA/AML compliance program properly aligned with the money laundering risks of its operations," said Comptroller Jonathan Gould.

What the Federal Reserve ordered

The Fed's action is aimed at the parent company and at American Express Travel Related Services. The Fed did not add a second fine. Instead, its order cites weak spots in transaction monitoring, fraud referrals, third-party risk and financial crimes risk management.

Within 90 days, Amex must send the New York Fed written plans. These cover board oversight, a stronger company-wide anti-money laundering program, and compliance with US sanctions rules. The order also requires a customer due diligence program that meets the rules. It notes that Amex cooperated and has already taken steps to fix the problems.

What Amex says

Chairman and CEO Stephen Squeri said in a statement that Amex "takes its responsibility to combat financial crimes seriously." He said Amex found some of the problems through its own reviews and reported misuse it found to law enforcement.

Amex also made three points that matter to investors:

• Part of the penalty was set aside in earlier periods, and it does not change Amex's 2026 guidance.
• The orders do not put an asset cap on Amex. An asset cap limits how big a bank can grow.
• Amex does not expect the cost of meeting the orders to affect its 2027 guidance.

What it means for your card

Nothing in the OCC or Fed releases, or in Amex's statement, mentions card benefits, lounges, annual fees or rewards. Neither regulator ordered changes to any product. What follows is our reading, not something any of the sources say.

First, we see no direct link to your Centurion Lounge access. The orders are about how Amex watches for crime and reports it. Amex announced its largest Centurion Lounge expansion the same day. Nothing in these orders appears to put those plans at risk.

Second, $350 million is a lot of money, but Amex says it will not move its 2026 outlook. That suggests the fine alone is unlikely to trigger benefit cuts. We would watch the next earnings report for any change in that message.

Third, the one change cardholders might notice is paperwork. The Fed order requires stronger customer due diligence. In our view, that could mean more identity checks or questions about unusual spending for some accounts. Amex has not said it plans any such changes.

What to watch next

Amex reports third-quarter results on October 23, 2026. That is the first chance for analysts to ask how much the fixes will cost. The Fed's 90-day deadline for Amex's plans falls in early January 2027.

For the rules on who gets into Amex's lounges today, see our Centurion Lounge access guide and our Centurion program page.